LGBTQ Business Equal Credit Enforcement and Investment Act

Bill: 117-hr-1659
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2021-03-08
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Business records

Consumer credit

Credit and credit markets

Sex, gender, sexual orientation discrimination

Small business
Latest action: action_date: 2021-03-08
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-03-08
action_desc: Introduced in House
text: <p><b>LGBTQ Business Equal Credit Enforcement and Investment Act</b></p> <p>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.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1659 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. García 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. Velázquez , 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.

1. Short title This Act may be cited as the LGBTQ Business Equal Credit Enforcement and Investment Act . 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. .