Small LENDER Act

This bill, known as the Small LENDER Act, amends the Equal Credit Opportunity Act to adjust compliance for the Bureau's final rule on Small Business Lending Under Regulation B. It provides financial institutions with a three-year period to comply with the data collection rule, starting from its issuance date. Following this initial compliance period, a two-year safe harbor will be in effect, during which institutions must comply but will not face penalties for non-compliance. The legislation also redefines a "financial institution" as one that originated at least 500 small business credit transactions in each of the previous two years, and a "small business" as an entity with gross annual revenues of $1,000,000 or less.