Small LENDER Act

HR 941, the Small LENDER Act, creates a 3-year compliance period and a subsequent 2-year penalty-free period for small lenders required to report small business lending data under a new rule. It directly affects financial institutions that originated at least 500 small business loans in each of the previous two years (defined as loans to businesses with under $1 million annual revenue). The bill delays full enforcement of new data reporting requirements, giving lenders time to adjust without penalties during the grace periods. This changes how the Consumer Financial Protection Bureau enforces reporting rules for smaller lenders focused on small business loans.