YourVoice.Now Summary
Transparency & AccountabilityCivil LibertiesFewer lenders would report small-business loan data, starting in 2031 — and owners' race and sex would no longer be recorded.
Transparency & Accountability
Lenders could tell applicants in writing that the government requires the questions, that answering is optional, and that answers won't affect the loan. The CFPB would write a one-page model form.
No lender would have to collect or report this loan data until June 1, 2031. The CFPB could not require it any sooner.
For two years after the 2031 start date, the CFPB could not enforce the data rules. Lenders that fell short in that window would face no penalty.
Any lender with less than $10 billion in assets would be exempt. Today the law covers any company or group that does financial business.
A lender would also be exempt if it made fewer than 2,500 small-business loans in each of the past two calendar years.
Lenders would no longer record the race, sex, and ethnicity of a business's main owners. They would still ask if the business is women-owned, minority-owned, or small.
Lenders would stop recording how much credit a business asked for and how much it got. They would still record the loan type, the decision, and the business's location and sales.
Today the CFPB can add other data it finds useful for spotting unfair lending. The bill would take away that power.
Many applicants may choose not to answer. How many applicants answer could not be used to judge whether a lender followed the rules.
Civil Liberties
A lender could record only what you tell it. It could not fill in your business's status by looking at you or by any other guess.
Today, where feasible, the people who decide your loan may not see your answers about women- or minority-ownership. If they do, the lender must tell you. The bill would delete both rules.
More about this bill
If you own a small business, fewer lenders would have to ask about your business when you apply for a loan. None would have to start before 2031. A 2010 law requires lenders to ask if a business seeking credit is women-owned, minority-owned, or small. They must report the answers each year to the Consumer Financial Protection Bureau (CFPB), the federal agency for consumer finance. The bill would exempt any lender with less than $10 billion in assets. It would also exempt lenders that made fewer than 2,500 small-business loans in each of the past two years. No lender would have to follow these rules until June 1, 2031. The CFPB could not enforce them for two more years after that. Lenders would stop recording the owners' race, sex, and ethnicity. They would also stop recording the loan amounts asked for and approved. A lender could not fill in an answer by guessing from how owners look. Lenders could tell you in writing that answering is optional and won't affect your loan. The CFPB would write a one-page, plain-English form for this. A rule keeping your answers away from the people who decide your loan would end. Only businesses with $1 million or less in yearly sales would count as small. Today the law uses the Small Business Administration's size rules.
Congressional Summary
Congress's official summary of this bill still describes an earlier version of the text, so we have left it out here. You can read it on Congress.gov.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Reported to House
- Action Date
- 2026-06-18
- Date Added
- 2026-05-14
- Source
- Congress.gov →
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