summary
Introduced
06/20/2019
06/20/2019
In Committee
06/20/2019
06/20/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses. This bill requires financial institutions to report certain credit application data to the Consumer Financial Protection Bureau for the purposes of enforcing fair lending laws. Specifically, financial institutions must report this data regarding lesbian-, gay-, bisexual-, transgender-, or queer-owned businesses. Currently, this data is reported regarding women-owned, minority-owned, and small businesses.
AI Summary
This bill amends the Equal Credit Opportunity Act to require financial institutions to collect and report data on small business loan applications from LGBTQ-owned businesses, similar to the current requirements for reporting data on women-owned and minority-owned businesses. The bill defines an "LGBTQ-owned business" as one where more than 50% of the ownership or control is held by individuals self-identifying as lesbian, gay, bisexual, transgender, or queer, and more than 50% of the net profit or loss accrues to such individuals. This data collection and reporting is intended to help enforce fair lending laws and ensure equal access to credit for LGBTQ-owned small businesses.
Committee Categories
Business and Industry
Sponsors (35)
Harley Rouda (D)*,
Earl Blumenauer (D),
Tony Cárdenas (D),
David Cicilline (D),
Gil Cisneros (D),
Steve Cohen (D),
Jim Costa (D),
TJ Cox (D),
Suzan DelBene (D),
Debbie Dingell (D),
Anna Eshoo (D),
Chuy García (D),
Raúl Grijalva (D),
Debra Haaland (D),
Alcee Hastings (D),
Sheila Jackson-Lee (D),
Hank Johnson (D),
Joseph Kennedy (D),
Ann Kuster (D),
Alan Lowenthal (D),
Tom Malinowski (D),
Betty McCollum (D),
Jim McGovern (D),
Gregory Meeks (D),
Jerry Nadler (D),
Eleanor Holmes Norton (D),
Jimmy Panetta (D),
Chris Pappas (D),
Mike Quigley (D),
Jamie Raskin (D),
Jan Schakowsky (D),
Adam Smith (D),
Eric Swalwell (D),
Rashida Tlaib (D),
Frederica Wilson (D),
Last Action
Sponsor introductory remarks on measure. (CR H5026) (on 06/21/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/3374/all-info |
| BillText | https://www.congress.gov/116/bills/hr3374/BILLS-116hr3374ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr3374/BILLS-116hr3374ih.pdf.pdf |
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