Small LENDER Act
Small Business Lending: New Reporting Rules for Banks
The Small LENDER Act is currently moving through the House Committee on Financial Services. The committee recently voted to approve the bill, which means it is now ready to be sent to the full House for further consideration. There are no other specific actions scheduled at this time.
Legislative Progress
This bill has strong support from House Republicans who want to cut regulations, but it may face a tougher time passing in the Senate where margins are tighter.
Key Points
- This bill changes how banks report information about loans they give to small businesses. It aims to reduce the paperwork burden on smaller lenders by giving them more time to follow new federal rules.
- Banks would get three years to start following the new rules and another two years where they would not face penalties for making mistakes. This gives local banks more time to set up their systems without fear of being fined.
- The bill changes which banks have to report this data. Only banks that make at least 500 small business loans a year would have to follow these rules. This means many smaller community banks would be exempt from the extra work.
- It also changes the definition of a small business to only include companies making $1 million or less per year. This narrows the focus of the data collection to truly small companies rather than larger ones.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Ordered to be Reported by the Yeas and Nays: 26 - 22.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Small LENDER Act
Data Sources
Sponsor
Cosponsors
(15)Analysis generated by AI. Always verify with official sources.