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)'.

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)'.