HR 941

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IN THE HOUSE OF REPRESENTATIVES

February 4, 2025

Mr. Hill of Arkansas (for himself, Mr. Meuser, Mrs. Wagner, Mr. Huizenga, Mr. Timmons, Mr. Moore of North Carolina, and Mr. Williams of Texas) introduced the following bill; which was referred to the Committee on Financial Services

June 18, 2026

Additional sponsors: Mr. Haridopolos, Mr. Nunn of Iowa, Mrs. Hinson, Mr. Mackenzie, Mr. Womack, Mr. Kelly of Mississippi, Mr. Buchanan, Mr. Shreve, Mr. Rose, and Mr. Wilson of South Carolina

June 18, 2026

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on February 4, 2025]

A BILL

To amend the Equal Credit Opportunity Act to provide for an effective date and a temporary safe harbor for compliance with certain small business lending data collection rules, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Small Lenders Exempt from New Data and Excessive Reporting Act” or the “Small LENDER Act”.

SEC. 2. SMALL BUSINESS LOAN DATA COLLECTION.

Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c-

2) is amended—

(1) in subsection (c)—

(A) by striking “Any applicant” and inserting the following:

“(1) In general.—Any applicant”; and

(B) by striking the period at the end and inserting the following: “, and the financial institution may, when requesting such information, inform the applicant in writing that—

“(A) the Bureau of Consumer Financial Protection requires the financial institution to ask, collect, and report such information to the Federal Government annually pursuant to this section;

“(B) the applicant is not required to provide such information; and

“(C) the applicant’s response will not affect the financial institution’s evaluation of the request for credit.

“(2) Model form.—The Director of the Bureau of Consumer Financial Protection shall establish a model form to be used in providing the information required to be provided to an applicant under paragraph (1). Such form shall—

“(A) be in plain English; and

“(B) to the extent practicable, be no longer than a single page.”;

(2) by striking subsection (d);

(3) by redesignating subsections (e), (f), (g), and (h) as subsections (d), (e), (f), and (g), respectively; and

(4) in subsection (d), as so redesignated—

(A) in paragraph (2)—

(i) by striking subparagraphs (C), (G), and

(H);

(ii) by redesignating subparagraphs (D),

(E), and (F) as subparagraphs (C), (D), and

(E), respectively;

(iii) in subparagraph (D), as so redesignated, by adding “and” at the end; and

(iv) in subparagraph (E), as so redesignated, by striking the semicolon and inserting a period;

(B) in paragraph (3), by striking “paragraph

(1)(E)” and inserting “paragraph (1)(D)”; and

(C) by adding at the end the following:

“(5) Prohibition on information not reported by an applicant.—A financial institution may not compile and maintain information described under subsection (b) that was determined by the financial institution using visual observation or any other manner other than being provided by an applicant.”;

(5) in subsection (f), as so redesignated, by adding at the end the following:

“(4) Initial compliance date.—

“(A) In general.—The Bureau may not require a financial institution to comply with this section, or any rule issued under this section, until June 1, 2031.

“(B) Safe harbor.—The Bureau may not enforce compliance with the requirements of this section during the 2-year period beginning on the date described in subparagraph (A).

“(5) Exemption for small financial institutions.—A financial institution is exempt from the requirements of this section if the financial institution—

“(A) in each of the 2 previous calendar years, originated less than 2,500 credit transactions for small businesses; or

“(B) has less than $10,000,000,000 in assets.

“(6) Treatment of response rate.—The percentage of applicants providing a financial institution with the information described under subsection (b) may not be used as a factor in determining whether a financial institution is in compliance with the requirements under this section.”; and

(6) in subsection (g), as so redesignated, by striking paragraph (2) and inserting the following:

“(2) Small business.—The term ‘small business’ means any entity with gross annual revenues of $1,000,000 or less in the most recently completed fiscal year.”. Union Calendar No. 610

119th CONGRESS

2d Session

H. R. 941

[Report No. 119-702]

A BILL

To amend the Equal Credit Opportunity Act to provide for an effective date and a temporary safe harbor for compliance with certain small business lending data collection rules, and for other purposes.

June 18, 2026

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed