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Easier Rules for Small Lenders: Less Data, Fewer Reports

New rules give small financial institutions more time to comply with small business loan data collection requirements and protect them from penalties for two years after that period. These changes aim to reduce administrative burdens for smaller entities, potentially making it easier for small businesses to access financing.
Key points
Small financial institutions will have 3 years to implement new small business loan data collection rules.
For 2 years after this period, small institutions will be exempt from penalties for non-compliance, despite the obligation to comply.
The definition of a small financial institution includes those that originated at least 500 small business credit transactions in the two preceding calendar years.
A small business is defined as an entity with gross annual revenues of $1,000,000 or less.
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Expired
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Additional Information
Print number: 117_S_4004
Sponsor: Sen. Boozman, John [R-AR]
Process start date: 2022-04-05
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small LENDER Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4004.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-05.

What are the main provisions?

Key points include:

  • Small financial institutions will have 3 years to implement new small business loan data collection rules.
  • For 2 years after this period, small institutions will be exempt from penalties for non-compliance, despite the obligation to comply.
  • The definition of a small financial institution includes those that originated at least 500 small business credit transactions in the two preceding calendar years.
  • A small business is defined as an entity with gross annual revenues of $1,000,000 or less.
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 Sen. Boozman, John [R-AR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy