Contact Congress about H.R. 941: Small LENDER Act

Lenders would get 5 years before penalties fully start under the 2023 small business loan data rule. The bill also narrows which lenders and businesses count under that rule.

Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.

Small LENDER Act is a House bill waiting for floor action. The latest recorded action: Placed on the Union Calendar, Calendar No. 610.

Latest action on H.R. 941: Placed on the Union Calendar, Calendar No. 610.

Who this affects: This bill mainly affects lenders that make small business loans and must report loan data. It matters most for lenders near the 500-transaction cutoff, because they may fall in or out of the rule. It also affects small businesses seeking credit, because less or later reporting could change how much public data exists about their loans. The Consumer Financial Protection Bureau would also have to follow the new timing and coverage limits.

Why this matters: This bill matters because it changes how soon the government can fully enforce small business loan data reporting. That data can help show who gets business credit and who may be left out. Giving lenders more time could make compliance easier and cheaper. But it could also delay full data collection and leave gaps if many lenders or businesses fall outside the new limits.

Key provisions in H.R. 941

• Lenders would get 3 years to meet the 2023 small business loan data rule. The rule is the Consumer Financial Protection Bureau rule called “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B).”
• Lenders would then get 2 more years with no penalties. They still must try to follow the rule during that safe harbor period.
• Fewer lenders would have to follow these data rules. A lender would count only if it does financial activity and made at least 500 small business credit transactions in each of the last two calendar years.
• The bill would narrow who counts as a small business for this part of the law. The business must have $1 million or less in gross yearly revenue in its most recently finished fiscal year.
• The bill changes the small business lending data section of the Equal Credit Opportunity Act. That law covers fair access to credit and related reporting rules.

How Modern Action helps you take action on H.R. 941

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about H.R. 941

What is H.R. 941?

Lenders would get 5 years before penalties fully start under the 2023 small business loan data rule. The bill also narrows which lenders and businesses count under that rule.

How do I support or oppose H.R. 941?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about H.R. 941?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain H.R. 941 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.