Delays small business lending data collection requirements under the Equal Credit Opportunity Act until June 1, 2031, and exempts smaller lenders from them.

• Bars the Consumer Financial Protection Bureau from requiring compliance before June 1, 2031, and bars enforcement during the two years that follow.
• Exempts lenders that made fewer than 2,500 small business credit transactions in each of the two prior years, or that have less than $10 billion in assets.
• Requires lenders to tell applicants in writing that providing data is not required and does not affect the credit decision, using a one-page plain-English model form.
• Bars lenders from recording information obtained by visual observation rather than from the applicant, and bars using the response rate as a compliance factor.

• Financial Services Committee (House)

Commerce