HR941-119

2. Small business loan data collection Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is amended— in subsection (g), by adding at the end the following: With respect to the covered rule, the Bureau shall provide a financial institution a 3-year period beginning on the date the covered rule was issued to comply with the rule. After the end of the 3-year period described under subparagraph (A), the Bureau shall provide a 2-year safe harbor to a financial institution during which the financial institution is required to comply with the covered rule but is not subject to any penalties for failure to comply with the covered rule. In this paragraph, the term covered rule means the final rule of the Bureau titled Small Business Lending Under the Equal Credit Opportunity Act (Regulation B) (88 Fed. Reg. 35150, published May 31, 2023). in subsection (h)— by striking paragraph (1) and inserting the following: The term financial institution means— any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in any financial activity; and in each of the previous 2 calendar years originated not less than 500 credit transactions for small businesses. by striking paragraph (2) and inserting the following: The term small business means any entity with gross annual revenues of $1,000,000 or less in the most recently completed fiscal year. (4)Compliance with covered rule(A)In generalWith respect to the covered rule, the Bureau shall provide a financial institution a 3-year period beginning on the date the covered rule was issued to comply with the rule.(B)Safe harborAfter the end of the 3-year period described under subparagraph (A), the Bureau shall provide a 2-year safe harbor to a financial institution during which the financial institution is required to comply with the covered rule but is not subject to any penalties for failure to comply with the covered rule.(C)Covered rule definedIn this paragraph, the term covered rule means the final rule of the Bureau titled Small Business Lending Under the Equal Credit Opportunity Act (Regulation B) (88 Fed. Reg. 35150, published May 31, 2023). ; and (1)Financial institutionThe term financial institution means—(A)any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in any financial activity; and(B)in each of the previous 2 calendar years originated not less than 500 credit transactions for small businesses.; and (2)Small businessThe term small business means any entity with gross annual revenues of $1,000,000 or less in the most recently completed fiscal year..