Small LENDER Act

House Bill

H.R. 941

119th Congress

Small LENDER Act

In Committee

Introduced:Feb 4, 2025

Primary Sponsor

Doris O. Matsui

Representative

Democratic

CA-7

Cosponsors

14

Quick Stats

Policy Area

Commerce

Summary

This bill changes rules about data collection requirements for lenders who make loans to small businesses. It gives financial institutions more time to comply with a 2023 federal rule requiring them to collect and report detailed information about their small business lending, and it narrows which lenders must follow these rules.

Latest Action

Referred to the House Committee on Financial Services.

SponsorDoris O. Matsui (D-CA)

Introduced2/4/2025

StatusReferred to the House Committee on Financial Services.

ChamberHouse

Data from Congress.gov

See this page through your district lens

Enter ZIP to personalize representatives and vote context.

Stay on top of this issue

Subscribe for weekly bill and representative updates.

Vote Prediction

Small LENDER Act

This bill changes rules about data collection requirements for lenders who make loans to small businesses. It gives financial institutions more time to comply with a 2023 federal rule requiring them to collect and report detailed information about their small

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill changes rules about data collection requirements for lenders who make loans to small businesses. It gives financial institutions more time to comply with a 2023 federal rule requiring them to collect and report detailed information about their small business lending, and it narrows which lenders must follow these rules.

Bill Number: 941
Sponsor: Doris O. Matsui (D-CA)
Introduced: 2/4/2025
Status: Referred to the House Committee on Financial Services.
Policy Area: Commerce

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Small LENDER Act
Bill Number: 941
Sponsor: Doris O. Matsui (D-CA)
Status: Referred to the House Committee on Financial Services.
Introduced: 2/4/2025
Summary: This bill changes rules about data collection requirements for lenders who make loans to small businesses. It gives financial institutions more time to comply with a 2023 federal rule requiring them to collect and report detailed information about their small business lending, and it narrows which l

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill changes rules about data collection requirements for lenders who make loans to small businesses. It gives financial institutions more time to comply with a 2023 federal rule requiring them to collect and report detailed information about their small business lending, and it narrows which lenders must follow these rules.

Last updated: 3/4/2026

Key Points

Main provisions of the bill

Financial institutions would get three years from when the 2023 rule was issued to start complying with small business lending data collection requirements.
After the three-year period, lenders would get an additional two-year safe harbor period where they must comply but cannot be penalized for failing to do so.
The bill changes the definition of which lenders must follow these rules to only those that made 500 or more small business loans in each of the previous two years.
The bill redefines a small business as any entity with gross annual revenues of $1 million or less in its most recent fiscal year.
These changes apply to a Consumer Financial Protection Bureau rule from May 2023 that requires lenders to collect demographic and other data about small business loan applicants.

How This Impacts Americans

Potential effects on citizens and communities

This bill primarily affects banks, credit unions, and other financial institutions that make loans to small businesses. Smaller lenders would likely be exempt from the data collection requirements if they make fewer than 500 small business loans per year. Small businesses seeking loans would be affected because lenders would collect less data about them if their revenues exceed $1 million annually, and the overall reporting requirements would be delayed and phased in more gradually.