LGBTQ Business Equal Credit Enforcement and Investment Act

Bill: 117-s-4002
Sponsor: full_name: Sen. Gillibrand, Kirsten E. [D-NY]
Introduced: 2022-04-05
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-04-05
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-04-05
action_desc: Introduced in Senate
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: II 117th CONGRESS 2d Session S. 4002 IN THE SENATE OF THE UNITED STATES April 5, 2022 Mrs. Gillibrand (for herself and Mr. Padilla ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 the 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. .