H.R. 941, also known as the "Small Lenders Exempt from New Data and Excessive Reporting Act" or "Small LENDER Act," aims to amend the Equal Credit Opportunity Act by establishing a timeline for compliance with new small business lending data collection rules. It allows...
Simple Explanation
H.R. 941 wants to change a rule that helps small businesses get loans, giving banks more time to follow the rules without getting in trouble if they make mistakes, and it also sets a limit on how big a small business can be to get help.