Bills · HR 941
REPORTED· 119TH CONGRESS
House BillHR 941Business recordsData collection, sharing, protection
Small LENDER Act
INTRO FEB 4· LAST ACTION JUN 18
READING
4MIN
COSPONSORS
16
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Reported, not passed
LEGISLATIVE PROGRESS
STEP 3 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it changes the timeline and scope of a federal rule designed to collect important data on small business lending. If this bill becomes law, lenders will have significantly more time to set up their systems to collect data on small business loan applications, potentially easing the financial and operational burden of implementing the new requirements. However, it also means that the full, penalty-backed implementation of comprehensive data collection on small business lending would be delayed by several years.
Crucially, the bill also narrows which lenders and businesses are covered by the rule. This could mean that less data is collected overall, making it harder to get a complete picture of the small business lending market. This data is intended to help identify and address potential discrimination in lending to women and minority-owned businesses, so a delay or reduction in data collection could slow down efforts to ensure fair access to credit for these groups. If the bill doesn't pass, the original rule's staggered compliance dates, starting in October 2024 for larger institutions, would remain in effect, and the original, broader definitions of covered lenders and small businesses would stand.
KEY PROVISIONS
4AI-extractedPROVISION 01
Provides financial institutions with a 3-year period to comply with the Small Business Lending Data Collection rule.
This extends the deadline significantly for lenders to implement the complex data collection requirements.
PROVISION 02
Establishes a 2-year 'safe harbor' after the compliance period, during which financial institutions are required to comply but are not subject to penalties for failure to comply.
This offers a grace period to lenders, potentially reducing immediate compliance risks but also delaying the full enforcement of the rule.
PROVISION 03
Redefines 'financial institution' to only include entities that originated at least 500 small business credit transactions in each of the previous two calendar years.
This significantly narrows the scope of lenders subject to the data collection rule, exempting smaller lenders.
PROVISION 04
Redefines 'small business' for this rule as any entity with gross annual revenues of $1,000,000 or less.
This sets a specific revenue cap for businesses whose loan applications will be subject to data collection under this rule.
SPONSORSHIP
1 + 16
R· Arkansas
YRS IN OFFICE
11
BILLS LED
33
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 16 IND 0
ACTION TIMELINE
12 EVENTSJUN 18
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.
JUN 18
Placed on the Union Calendar, Calendar No. 610.
APR 21
Committee Consideration and Mark-up Session Held
APR 21
Ordered to be Reported by the Yeas and Nays: 26 - 22.
BILL INFO
TypeHouse Bill
NumberHR 941
Congress119th
StatusReported
IntroducedFeb 4, 2025
Last actionJun 18, 2026
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REPORTED· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED FEB 4, 2025
House BillHR 941Business recordsData collection, sharing, protection
Small LENDER Act
INTRODUCED FEB 4, 2025· LAST ACTION JUN 18, 2026
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
16
COMPLEXITY
Moderate
