119-HR-941 Journalist Public Summary
119 · HR 941 Small LENDER Act
A House bill would give lenders more time and broader exemptions from a federal rule that requires collecting data on small‑business loans, a change praised by banking groups and opposed by civil‑rights and small‑business advocates. (govinfo.gov)
Headline Summary
H.R. 941, the Small LENDER Act, would delay and narrow compliance with the CFPB’s small‑business lending data rule and tighten who counts as a covered lender and “small business.” (govinfo.gov)
What It Does
In plain terms: the bill gives financial institutions three years to comply with the CFPB’s small‑business lending data rule and then a two‑year “safe harbor” without penalties. It also redefines who must report by limiting “financial institution” to lenders that made at least 500 small‑business credit transactions in each of the prior two years and defining “small business” as one with $1,000,000 or less in annual revenue. The rule it targets is the CFPB’s May 31, 2023 Section 1071 regulation under the Equal Credit Opportunity Act. (govinfo.gov)
Who’s For It
- Community banks (ICBA): say the CFPB’s rule is burdensome for small institutions and that H.R. 941 would mitigate those costs. (icba.org)
- American Bankers Association: urges a favorable committee report, arguing the bill reduces unnecessary regulatory burden and improves data quality by focusing on larger lenders. (aba.com)
- Credit union trade group (America’s Credit Unions): backs the bill as regulatory relief for smaller lenders subject to Section 1071. (americascreditunions.org)
Who’s Against It
- Coalition of civil‑rights, community, and small‑business groups (215 organizations): warns the bill would weaken or delay transparency needed to detect lending discrimination and credit gaps. (responsiblelending.org)
- National Community Reinvestment Coalition: argues each year of delay deprives the public of vital data to ensure fair small‑business credit access. (ncrc.org)
- Consumer advocates (e.g., Center for Responsible Lending and partners): oppose efforts to narrow or postpone the 2023 rule, citing civil‑rights enforcement concerns. (responsiblelending.org)
What’s Next
As of April 22, 2026, the committee held a full‑committee markup on April 21; official vote results have not yet posted publicly. If reported, the bill would next be eligible for House floor consideration; if not, it remains in committee. Congress.gov still lists the bill in the House Financial Services Committee, and the committee docket shows the April 21 markup. (congress.gov)
Discussion