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H.R. 941

U.S. House•House Floor Calendar

Summary

H.R. 941, the Small LENDER Act, was introduced in the House on Feb 4, 2025 by Rep. French Hill (R) with 16 co-sponsors. It last saw action on Jun 18, 2026: Placed on the Union Calendar, Calendar No. 610.

Record

Text

H.R. 941 has 16 co-sponsors.

hb941/introduced-in-house.txt
119 HR 941 IH: Small Lenders Exempt from New Data and Excessive Reporting Act
 U.S. House of Representatives
 2025-02-04
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 941  IN THE HOUSE OF REPRESENTATIVES   February 4, 2025   Mr. Hill of Arkansas  (for himself,  Mr. Meuser ,  Mrs. Wagner ,  Mr. Huizenga ,  Mr. Timmons ,  Mr. Moore of North Carolina , and  Mr. Williams of Texas ) introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
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.
1.
Short title
This Act may be cited as the   Small Lenders Exempt from New Data and Excessive Reporting Act   or the   Small LENDER Act  .
2.
Small business loan data collection
Section 704B of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2 ) is amended—
(1)
in subsection (g), by adding at the end the following:
(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  covered rule  means the final rule of the Bureau titled  Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)  (88 Fed. Reg. 35150, published May 31, 2023).
 ; and
(2)
in subsection (h)—
(A)
by striking paragraph (1) and inserting the following:
(1)
Financial institution
The term  financial institution  means—
(A)
any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in any financial activity; and
(B)
in each of the previous 2 calendar years originated not less than 500 credit transactions for small businesses.
 ; and
(B)
by striking paragraph (2) 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.
 .

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-02-04
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Feb 4, 2025

hb941/introduced-in-house.md

Shown Here:
Introduced in House (02/04/2025)

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 CFPB rule with respect to such reporting (i.e., Section 1071 final rule). (For background about the CFPB rule and subsequent litigation see CRS Report R47788.)

Under the bill, the reporting requirements apply only to financial institutions that originate at least 500 credit transactions to small businesses in each of the preceding two years. The bill further defines small businesses as those with gross annual revenue of $1 million or less.

The rule currently establishes a phase-in period that ultimately requires institutions that originate over 100 credit transactions to small businesses to comply with the reporting requirements. The rule also defines small businesses as those with gross annual revenue of $5 million or less.

Further, beginning on the date the final CFPB rule was issued (May 31, 2023), the bill provides three years for applicable financial institutions to comply with the rule followed by a two-year safe harbor period during which such institutions are not subject to any penalties for failure to comply with the rule.

Sponsors

Rep. French Hill (R) sponsors H.R. 941, and 16 members have co-sponsored it, 6 of them from the day it was introduced.

Committees

H.R. 941 went before 1 committee: Financial Services.

Financial Services
Financial Services
Reported By · Jun 18, 2026 · 559 Bills

Reports

1 committee report has been filed on H.R. 941, the latest H. Rept. 119-702.

  • H. Rept. 119-702 — SMALL LENDERS EXEMPT FROM NEW DATA AND EXCESSIVE REPORTING ACT

Actions

H.R. 941 has taken 6 actions since Feb 4, 2025, the latest on Jun 18, 2026.

ChamberAction
Jun 18, 2026
House
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.Financial Services Committee
Jun 18, 2026
House
Placed on the Union Calendar, Calendar No. 610.
Apr 21, 2026
House
Committee Consideration and Mark-up Session HeldFinancial Services Committee
Apr 21, 2026
House
Ordered to be Reported by the Yeas and Nays: 26 - 22.Financial Services Committee
Feb 4, 2025
House
Introduced in House

Votes

H.R. 941 has not gone to a roll call.

Titles

H.R. 941 goes by 6 titles, 4 of them short titles.

  • Small LENDER Act — Display Title
  • Small LENDER Act — Short Title(s) as Reported to House
  • Small Lenders Exempt from New Data and Excessive Reporting Act — Short Title(s) as Reported to House
  • Small LENDER Act — Short Title(s) as Introduced
  • Small Lenders Exempt from New Data and Excessive Reporting Act — Short Title(s) as Introduced
  • 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. — Official Title as Introduced

Lobbying

9 clients hired 10 firms and 87 registered lobbyists who named H.R. 941 in 36 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Taxation/Internal Revenue Code, Banking, Small Business, Financial Institutions/Investments/Securities, Housing, Agriculture, Budget/Appropriations, Consumer Issues/Safety/Products.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
EQUIPMENT LEASING AND FINANCE ASSOCIATIONEquipment leasing and finance trade association.District of Columbia213$300K
AMERICAN BANKERS ASSOCIATION—District of Columbia16—
INDEPENDENT COMMUNITY BANKERS OF AMERICA—District of Columbia16—
CONSUMER BANKERS ASSOCIATION—District of Columbia15—
CENTER FOR RESPONSIBLE LENDING A SUPPORTING CORP OF CTR FOR COMMUNITY SELF-HELP—District of Columbia12—
AMERICANS FOR FINANCIAL REFORM—District of Columbia11—
COMMUNITY BANKERS ASSOCIATION OF ILLINOIS—Illinois11—
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONS—District of Columbia11—
MORTGAGE BANKERS ASSOCIATION—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
EQUIPMENT LEASING AND FINANCE ASSOCIATION17—
AMERICAN BANKERS ASSOCIATION16—
INDEPENDENT COMMUNITY BANKERS OF AMERICA16—
TIBER CREEK GROUP16$300K
CONSUMER BANKERS ASSOCIATION15—
CENTER FOR RESPONSIBLE LENDING, A SUPPORTING CORP OF CTR FOR COMMUNITY SELF-HELP12—
AMERICANS FOR FINANCIAL REFORM11—
COMMUNITY BANKERS ASSOCIATION OF ILLINOIS11—
CREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS11—
MORTGAGE BANKERS ASSOCIATION11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 87.

LobbyistFirmsClientsFilings
ALLYSON GALE117
ALEX CATANESE116
ALISON TOUHEY116
ANTHONY PARDAL116
BLAKE EARLEY116
CHRIS FISHER116
DREW CANTOR116
EDWARD CONNOR116
EDWIN ELFMANN116
FRANK PIGULSKI116
HUGH CARNEY116
JAMES KELLER116
JAN BEUKELMAN116
JEFFREY SHAPIRO116
JENNA BURKE116
JENNIFER HATTEN116
JESS SHARP116
JOHN KEVIN MCKECHNIE116
JOSEPH PIGG116
JOSHUA STEIN116

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
AMERICAN BANKERS ASSOCIATIONAMERICAN BANKERS ASSOCIATION2026 second_quarter$3.5M2nd Quarter - Report
AMERICAN BANKERS ASSOCIATIONAMERICAN BANKERS ASSOCIATION2026 first_quarter$3.1M1st Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 second_quarter$2.7M2nd Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2026 second_quarter$2.2M2nd Quarter - Report
AMERICAN BANKERS ASSOCIATIONAMERICAN BANKERS ASSOCIATION2025 third_quarter$2.2M3rd Quarter - Report
AMERICAN BANKERS ASSOCIATIONAMERICAN BANKERS ASSOCIATION2025 second_quarter$2M2nd Quarter - Report
AMERICAN BANKERS ASSOCIATIONAMERICAN BANKERS ASSOCIATION2025 first_quarter$1.7M1st Quarter - Report
AMERICAN BANKERS ASSOCIATIONAMERICAN BANKERS ASSOCIATION2025 fourth_quarter$1.7M4th Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2026 second_quarter$1.3M2nd Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 fourth_quarter$1.3M4th Quarter - Report
CONSUMER BANKERS ASSOCIATIONCONSUMER BANKERS ASSOCIATION2025 third_quarter$1.2M3rd Quarter - Report
CONSUMER BANKERS ASSOCIATIONCONSUMER BANKERS ASSOCIATION2026 second_quarter$1M2nd Quarter - Report
CONSUMER BANKERS ASSOCIATIONCONSUMER BANKERS ASSOCIATION2025 fourth_quarter$970K4th Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2026 first_quarter$890K1st Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 third_quarter$866.8K3rd Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 third_quarter$866.8K3rd Quarter - Report
CONSUMER BANKERS ASSOCIATIONCONSUMER BANKERS ASSOCIATION2026 first_quarter$830K1st Quarter - Report
MORTGAGE BANKERS ASSOCIATIONMORTGAGE BANKERS ASSOCIATION2026 first_quarter$770K1st Quarter - Report
CONSUMER BANKERS ASSOCIATIONCONSUMER BANKERS ASSOCIATION2025 second_quarter$650K2nd Quarter - Report
EQUIPMENT LEASING AND FINANCE ASSOCIATIONEQUIPMENT LEASING AND FINANCE ASSOCIATION2026 second_quarter$195K2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 941 under Commerce, one of its 31 policy areas, and gives it 5 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 941’s is Commerce.

hr941/policy-areas.txt
CommerceAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 941 carries 5 of CRS’s legislative subjects, from Banking and financial institutions regulation to Small business.

hr941/subjects.txt
Banking and financial institutions regulationBusiness recordsData collection, sharing, protectionFinancial services and investmentsSmall business

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 941, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 23 (Tuesday, February 4, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HILL of Arkansas:H.R. 941.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution[Page H460]

Source: congress.gov · legiscan.com