H.R. 941: Small LENDER Act

119th Congress · introduced 2025-02-04 · Commerce · Latest: Placed on the Union Calendar, Calendar No. 610.

federal

Official title

Small LENDER Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

Small LENDER Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Hill, J. French [R-AR-2] · 16 cosponsors

Money: CBO cost estimate: H.R. 941, Small LENDER Act (2026-10-14) No linked contracts or vendors yet.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr941.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr941 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills