Title: LGBTQ Business Equal Credit Enforcement and Investment Act
Policy area: Finance and Financial Sector

Summary:
LGBTQ Business Equal Credit Enforcement and Investment Act
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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1659 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 1659

To amend the Equal Credit Opportunity Act to require the collection of 
      small business loan data related to LGBTQ-owned businesses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2021

 Mr. Torres of New York (for himself, Mr. Auchincloss, Mr. Blumenauer, 
 Ms. Bonamici, Ms. Castor of Florida, Mr. Cicilline, Ms. Clarke of New 
 York, Ms. DelBene, Ms. Eshoo, Mr. Espaillat, Ms. Garcia of Texas, Mr. 
Garcia of Illinois, Mr. Grijalva, Mr. Hastings, Mrs. Hayes, Mr. Johnson 
of Georgia, Mr. Jones, Mr. Khanna, Ms. Leger Fernandez, Mr. Lowenthal, 
    Mrs. Carolyn B. Maloney of New York, Mr. McGovern, Ms. Moore of 
 Wisconsin, Mr. Nadler, Ms. Norton, Mr. Pappas, Mr. Payne, Mr. Raskin, 
Ms. Scanlon, Ms. Schakowsky, Ms. Strickland, Ms. Velazquez, Mrs. Watson 
 Coleman, Ms. Titus, Mr. Meeks, Mr. Tonko, and Ms. Chu) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To amend the Equal Credit Opportunity Act to require the collection of 
      small business loan data related to LGBTQ-owned businesses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``LGBTQ Business Equal Credit 
Enforcement and Investment Act''.

SEC. 2. SMALL BUSINESS LOAN DATA COLLECTION.

    Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c-
2) is amended--
            (1) by inserting ``LGBTQ-owned,'' after ``minority-owned,'' 
        each place such term appears;
            (2) in subsection (e)(2)(G), by inserting ``(including 
        sexual orientation and gender identity),'' after ``sex''; and
            (3) in subsection (h), by adding at the end the following:
            ``(7) LGBTQ-owned business.--The term `LGBTQ-owned 
        business' means a business--
                    ``(A) more than 50 percent of the ownership or 
                control of which is held by 1 or more individuals self-
                identifying as lesbian, gay, bisexual, transgender, or 
                queer; and
                    ``(B) more than 50 percent of the net profit or 
                loss of which accrues to 1 or more individuals self-
                identifying as lesbian, gay, bisexual, transgender, or 
                queer.''.
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