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Standard Summary
Comprehensive overview in 1-2 paragraphs
Amends the Equal Credit Opportunity Act to provide compliance timeline and safe harbor for small business lending data collection rules.
Key Points
- 1Provides 3-year compliance period for financial institutions to implement small business lending data collection rules
- 2Establishes 2-year safe harbor period with no penalties for non-compliance
- 3Defines covered rule as the May 2023 Small Business Lending Regulation B
- 4Updates definition of financial institution to require 500+ small business credit transactions in previous 2 years
- 5Defines small business as entity with $1M or less in annual revenues
- 6Applies to Bureau of Consumer Financial Protection data collection requirements
Impact Areas
Small businessesFinancial institutionsCommunity banksCredit unionsConsumer Financial Protection BureauSmall business lenders
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