Referred to the House Committee on Financial Services.
The bill amends Section 704B of the Equal Credit Opportunity Act to delay and limit enforcement of the CFPB’s small-business lending data rule. It requires the CFPB to give covered institutions a three-year compliance period, then a two-year penalty-free safe harbor, raises the lender coverage threshold to at least 500 small-business credit originations in each of the prior two years, and defines “small business” as firms with gross revenues of $1,000,000 or less.
Left stresses civil-rights data loss; right stresses regulatory relief for small lenders.
Relative to its intended legislative type, this bill is a concise statutory amendment that clearly sets specific temporal relief (3-year compliance window plus 2-year penalty-free safe harbor) and tight definitional thresholds tied to an identified CFPB rule; it assigns the Bureau responsibility and integrates directly into the cited ECOA provision.
The bill amends Section 704B of the Equal Credit Opportunity Act to delay and limit enforcement of the CFPB’s small-business lending data rule.
It requires the CFPB to give covered institutions a three-year compliance period, then a two-year penalty-free safe harbor, raises the lender coverage threshold to at least 500 small-business credit originations in each of the prior two years, and defines “small business” as firms with gross revenues of $1,000,000 or less.
Content is narrow and administratively simple, improving House prospects; likely to encounter stronger resistance in the Senate and from consumer regulators.
Relative to its intended legislative type, this bill is a concise statutory amendment that clearly sets specific temporal relief (3-year compliance window plus 2-year penalty-free safe harbor) and tight definitional thresholds tied to an identified CFPB rule; it assigns the Bureau responsibility and integrates directly into the cited ECOA provision. It is strong on high-level mechanics but provides limited operational, fiscal, and oversight detail.
Left stresses civil-rights data loss; right stresses regulatory relief for small lenders.
These are examples from the analysis, not a ranked list of the most-affected groups.
Left stresses civil-rights data loss; right stresses regulatory relief for small lenders.
Likely opposed.
Progressives would view this as a rollback of data collection designed to detect discrimination in small-business lending.
They would see the penalty-free period and narrower coverage as weakening civil‑rights enforcement and reducing transparency.
Mixed view.
A pragmatic moderate would appreciate phased implementation but worry the two-year penalty-free period and narrower thresholds could undermine regulatory goals.
They would seek tradeoffs to preserve enforcement while easing practical burdens.
Supportive.
Conservatives would view this as reasonable relief from burdensome, one‑size‑fits‑all federal reporting.
They would argue it protects community lenders and reduces regulatory overreach on small-market participants.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Content is narrow and administratively simple, improving House prospects; likely to encounter stronger resistance in the Senate and from consumer regulators.
The bill has not accumulated any surfaced votes yet.
Left stresses civil-rights data loss; right stresses regulatory relief for small lenders.
Content is narrow and administratively simple, improving House prospects; likely to encounter stronger resistance in the Senate and from co…
Relative to its intended legislative type, this bill is a concise statutory amendment that clearly sets specific temporal relief (3-year compliance window plus 2-year penalty-free safe harbor) and tight definitional thr…
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