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Increased Oversight for Small Business and Minority-Owned Business Loans

This act aims to increase oversight of companies that provide loans to small businesses, including those owned by minorities and women. The goal is to ensure that loan terms are fair and legal, protecting these businesses from unfair practices. This should make small businesses feel more secure when seeking financing.
Key points
Establishes supervision over non-bank lending companies that provide credit to small businesses.
Aims to protect small businesses, including those owned by minorities and women, from unfair lending practices.
The Consumer Financial Protection Bureau will regularly examine these companies to ensure compliance with fair lending laws.
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Status:
Expired
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Additional Information
Print number: 117_HR_7351
Sponsor: Rep. Velazquez, Nydia M. [D-NY-7]
Process start date: 2022-03-31
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promoting Fair Lending to Small Businesses Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7351.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-31.

What are the main provisions?

Key points include:

  • Establishes supervision over non-bank lending companies that provide credit to small businesses.
  • Aims to protect small businesses, including those owned by minorities and women, from unfair lending practices.
  • The Consumer Financial Protection Bureau will regularly examine these companies to ensure compliance with fair lending laws.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velazquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law