AI-assisted analysis based on the official CRS summary. Source version: May 13, 2026. Analysis updated: Sep 20, 2026.
01 — The Text
What.
- The bill modifies CFPB requirements for financial institutions to report data about small business credit applications.
- Reporting would only apply to institutions originating at least 500 small business credit transactions in each of the preceding two years (current rule: over 100 transactions).
- Small businesses would be defined as those with gross annual revenue of $1 million or less (current rule: $5 million or less).
- Institutions would have three years from May 31, 2023 to comply with the rule, followed by a two-year safe harbor period with no penalties for non-compliance.
02 — The Stakes
So what?
- Fewer financial institutions would be subject to the reporting requirements under the higher transaction threshold.
- Smaller businesses would qualify for coverage under the narrower revenue definition.
- The safe harbor period would delay potential enforcement actions against non-compliant institutions.
- The official summary does not establish estimated costs, benefits, or other quantified effects of these changes.
03 — The Path
Now what?
- Committee on Financial Services reported the amended bill on June 18, 2026, and placed it on the Union Calendar as Calendar No. 610.
- The Committee ordered the bill to be reported on April 21, 2026 by a vote of 26–22.
- The bill was introduced in the House on February 4, 2025.
Legislative History
Actions.
- Jun 18, 2026 — Placed on the Union Calendar, Calendar No. 610.
- Jun 18, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-702.
- Apr 21, 2026 — Ordered to be Reported by the Yeas and Nays: 26 - 22.
- Apr 21, 2026 — Committee Consideration and Mark-up Session Held
- Feb 4, 2025 — Referred to the House Committee on Financial Services.
- Feb 4, 2025 — Introduced in House