Federal • US Congress

H.R. 941: Small LENDER Act

Rep. J. Hill (R-AR)Introduced

H.R. 941 status: Introduced.

1

What this bill does

Overall score

Score65/100 civic fit
RiskLow risk
ImpactModerate impact

Bill summary

Official

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...

Key analysis

Constitutionality80%
Bipartisan40%
Public opinion50%
2

Impact analysis

Environment

Mixed / Neutral
50%

Benefits

  • No direct environmental benefit identified

Risks

  • No direct environmental risk identified

Economy

Positive Outlook
70%

Benefits

  • Reduces reporting burdens for small financial institutions.
  • Delays compliance date for data collection rules, providing a longer preparation period.
  • Establishes a safe harbor for enforcement, reducing immediate compliance pressure.

Risks

  • May reduce the amount of data available for analyzing small business lending trends.

Society

Mixed / Neutral
50%

Benefits

  • Requires a plain English, single-page model form for applicant information.
  • Clarifies that applicants are not required to provide requested data.

Risks

  • Definition of 'small business' for exemption purposes is set at $1,000,000 in gross annual revenues, which may be considered low by some.
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How trustworthy & consequential it is

Source

Congress.gov

Official bill text or data from Congress.gov.

Confidence

high

high

Information is complete and verified.

Analysis status

Full bill text (Congress.gov)

Source used for this bill's analysis.

Warning

The bill's effectiveness depends on the Bureau of Consumer Financial Protection's implementation of the model form and compliance dates.

Limitation

The bill amends existing law, so the full context of the Equal Credit Opportunity Act is relevant.

4

Where it stands

1

Introduced

Current

Introduced

2

Committee

Upcoming
3

Floor

Upcoming
4

Enacted

Upcoming
5

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6

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