Small LENDER Act would provide relief for small business lending
The House Financial Services Committee will mark up a credit union-backed regulatory relief bill starting today. The Small Lenders Exempt from New Data and Excessive Reporting (LENDER) Act (H.R. 941), introduced by committee Chairman French Hill, R-Ark., would exempt certain smaller financial institutions from small business loan data collection requirements established under Section 1071 of Dodd-Frank.
“This legislation would provide regulatory relief to America’s small businesses, allowing credit unions and other community financial institutions to continue to provide access to credit to small businesses,” wrote America’s
Credit Unions Senior Vice President of Advocacy Greg Mesack to the committee Monday, adding that the five-year implementation period and new threshold of $10 billion in assets or 2,500 loans over a 2-year period threshold “would help focus this requirement on large institutions and those that are active lenders in this space.”
The letter also notes America’s Credit Unions’ ongoing support for efforts to track and investigate financial crimes, but it does not support legislation to update the Corporate Transparency Act.
Advertisement
