H.R. 941

119th CONGRESS 1st Session

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.

IN THE HOUSE OF REPRESENTATIVES · February 4, 2025 · Sponsor: Mr. Hill of Arkansas · Committee: Committee on Financial Services

Table of contents

• H.R. 941
  • SEC. 1. Short title
  • SEC. 2. Small business loan data collection

SEC. 1. Short title

• This Act may be cited as the or the .

SEC. 2. Small business loan data collection

• Section 704B of the Equal Credit Opportunity Act () is amended— 15 U.S.C. 1691c–2
  • (4) Compliance with covered rule
    • (A) In general
      • With respect to the covered rule, the Bureau shall provide a financial institution a 3-year period beginning on the date the covered rule was issued to comply with the rule.
    • (B) Safe harbor
      • After the end of the 3-year period described under subparagraph (A), the Bureau shall provide a 2-year safe harbor to a financial institution during which the financial institution is required to comply with the covered rule but is not subject to any penalties for failure to comply with the covered rule.
    • (C) Covered rule defined
      • In this paragraph, the term means the final rule of the Bureau titled (88 Fed. Reg. 35150, published May 31, 2023). covered rule Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)
  • in subsection (g), by adding at the end the following:
  • in subsection (h)—
    • (1) Financial institution
      • The term financial institution means—
        • any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in any financial activity; and
        • in each of the previous 2 calendar years originated not less than 500 credit transactions for small businesses.
    • by striking paragraph (1) and inserting the following:
      • (2) Small business
        • The term small business means any entity with gross annual revenues of $1,000,000 or less in the most recently completed fiscal year.
    • by striking paragraph (2) and inserting the following: