PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Feb 4, 2025
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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Hill, J. French [R-AR-2] · R–AR
Legislative record
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Placed on the Union Calendar, Calendar No. 610.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.
Ordered to be Reported by the Yeas and Nays: 26 - 22.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Oct 14, 2026. Consult Congress.gov for the current record.
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