H.R.941

Small Lenders Exempt from New Data and Excessive Reporting Act provides a 3-year compliance period for small business lending data collection.

The Small Lenders Exempt from New Data and Excessive Reporting Act amends the Equal Credit Opportunity Act to provide a 3-year period for financial institutions to comply with the Bureau's small business lending data collection rule. After this period, a 2-year safe harbor is provided during which institutions must comply with the rule but are not subject to penalties for non-compliance. The covered rule pertains to the Bureau's final rule titled 'Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)'.