LGBTQ Business Equal Credit Enforcement and Investment Act

Bill: 117-hr-1443
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2021-02-26
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Business records

Consumer credit

Credit and credit markets

Government information and archives

Sex, gender, sexual orientation discrimination

Small business
Latest action: action_date: 2021-07-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-02-26
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>

action_date: 2021-06-17
action_desc: Reported to 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> <p>The bill also expresses the sense of Congress that the term <em>sex</em> as used in the Equal Credit Opportunity Act includes an individual's sexual orientation and gender identity and that such information should be separately collected regarding the credit applications of principal business owners.</p>

action_date: 2021-06-24
action_desc: Passed 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. 1443 IN THE HOUSE OF REPRESENTATIVES February 26, 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 , and Mr. Tonko ) 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. .

tv_txt: IB 117th CONGRESS 1st Session H. R. 1443 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 , sexual orientation, 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. . 3. Determination of budgetary effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives June 24, 2021. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 46 117th CONGRESS 1st Session H. R. 1443 [Report No. 117–65] IN THE HOUSE OF REPRESENTATIVES February 26, 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 , and Mr. Tonko ) introduced the following bill; which was referred to the Committee on Financial Services June 17, 2021 Additional sponsors: Ms. Chu , Ms. Davids of Kansas , Mr. Pocan , Mr. Malinowski , Ms. Williams of Georgia , and Mr. Kilmer June 17, 2021 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on February 26, 2021 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 (a) In general 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 , sexual orientation, 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. . (b) Sense of Congress It is the sense of the Congress that the term sex , as used within the Equal Credit Opportunity Act, includes an individual’s sexual orientation and gender identity, and that this Act, in part, clarifies that the sex, sexual orientation, and gender identity of the principal owners of a business should be collected under section 704B of the Equal Credit Opportunity Act as three separate forms of information.

June 17, 2021 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: IIB 117th CONGRESS 1st Session H. R. 1443 IN THE SENATE OF THE UNITED STATES July 12, 2021 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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 , sexual orientation, 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. . 3. Determination of budgetary effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives June 24, 2021. Cheryl L. Johnson, Clerk