Small Lenders Exempted from New Data Reporting on Small Business Loans.
This bill reduces regulatory burdens for small financial institutions concerning the collection of data on small business loans. It grants lenders a 3-year period to comply with new reporting rules, followed by a 2-year penalty-free 'safe harbor' period. Crucially, it exempts lenders originating fewer than 500 small business credit transactions annually from these extensive reporting requirements, potentially simplifying the lending process for very small businesses.
Key points
Lenders originating fewer than 500 small business loans annually are exempt from new, detailed data collection and reporting requirements.
When new reporting rules are issued, financial institutions receive 3 years to comply, plus an additional 2-year period where they cannot be penalized for non-compliance.
A 'small business' for the purpose of this reporting is defined as an entity with gross annual revenues of $1,000,000 or less.
Expired
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