Small LENDER Act

This bill changes the rules about which financial institutions have to report information to the Consumer Financial Protection Bureau (CFPB) about their small business loan applications. Under the bill, only institutions that make at least 500 small business credit transactions per year would have to report, instead of, under the current rule, those making over 100 transactions. The bill also changes the definition of a small business from one making $5 million or less per year to one making $1 million or less. Additionally, the bill gives financial institutions three years from May 31, 2023, to start following the reporting rules, plus two more years during which they cannot be penalized for not complying.

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