Small LENDER Act

Hozzl · 2026-05-13T17:49:23Z

Explore the details of House Bill 941 Small LENDER Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

5/13/2026, 5:49 PM

Summary of Bill HR 941

Bill 119 hr 941, also known as the "Equal Credit Opportunity Act Amendment for Small Business Lending Data Collection," aims to amend the Equal Credit Opportunity Act to establish an effective date and a temporary safe harbor for compliance with certain small business lending data collection rules. The bill also includes provisions for other purposes related to small business lending.

The main goal of this bill is to ensure that small businesses have equal access to credit opportunities and to promote transparency in lending practices. By collecting data on small business lending, policymakers can better understand the needs of small businesses and work towards creating a more inclusive and fair lending environment.

The bill proposes a temporary safe harbor for compliance with data collection rules, which will provide lenders with a grace period to adjust their practices and ensure they are in compliance with the new regulations. This will help ease the transition for lenders and ensure that small businesses are not unfairly disadvantaged during the implementation of the new rules. Overall, Bill 119 hr 941 seeks to strengthen the Equal Credit Opportunity Act and improve access to credit for small businesses. By collecting data on small business lending practices, policymakers can work towards creating a more equitable and transparent lending environment for all businesses.

Congressional Summary of HR 941

Small Lenders Exempt from New Data and Excessive Reporting Act or the Small LENDER Act

This bill modifies the requirements for financial institutions to report certain information about small business credit applications to the Consumer Financial Protection Bureau (CFPB) and extends the timeline for compliance with the CFPB rule with respect to such reporting (i.e., Section 1071 final rule). (For background about the CFPB rule and subsequent litigation see CRS Report R47788.)

Under the bill, the reporting requirements apply only to financial institutions that originate at least 500 credit transactions to small businesses in each of the preceding two years. The bill further defines small businesses as those with gross annual revenue of $1 million or less.

The rule currently establishes a phase-in period that ultimately requires institutions that originate over 100 credit transactions to small businesses to comply with the reporting requirements. The rule also defines small businesses as those with gross annual revenue of $5 million or less.

Further, beginning on the date the final CFPB rule was issued (May 31, 2023), the bill provides three years for applicable financial institutions to comply with the rule followed by a two-year safe harbor period during which such institutions are not subject to any penalties for failure to comply with the rule.

Read the Full Bill

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Current Status of Bill HR 941

Bill HR 941 is currently in the status of Bill Introduced since February 4, 2025. Bill HR 941 was introduced during Congress 119 and was introduced to the House on February 4, 2025. Bill HR 941's most recent activity was Ordered to be Reported by the Yeas and Nays: 26 - 22. as of April 21, 2026

Bipartisan Support of Bill HR 941

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 941

Primary Policy Focus

Commerce

Alternate Title(s) of Bill HR 941

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.

Comments

Sterling Finley

856

1 year ago

I don't get why they're pushing this bill, it seems like it's just gonna make things more complicated for small businesses like mine. Who else is feeling the same way about this?