LGBTQI Business Equal Credit Enforcement and Investment Act

Bill: 118-s-3421
Sponsor: full_name: Sen. Gillibrand, Kirsten E. [D-NY]
Introduced: 2023-12-06
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-12-06
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-12-06
action_desc: Introduced in Senate
text: <p><strong>LGBTQI Business Equal Credit Enforcement and Investment Act</strong></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-, queer-, or intersex-owned businesses. Currently, this data is reported regarding women-owned, minority-owned, and small businesses.</p>

tv_txt: II 118th CONGRESS 1st Session S. 3421 IN THE SENATE OF THE UNITED STATES December 6, 2023 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 LGBTQI-owned businesses.

1. Short title This Act may be cited as the LGBTQI 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 LGBTQI-owned, after minority-owned, each place such term appears; (2) in subsection (e)(2)(G), by inserting , sexual orientation, gender identity, intersex status after sex ; and (3) in subsection (h), by adding at the end the following: (7) LGBTQI-owned business The term LGBTQI-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, queer, or intersex; 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, queer, or intersex. .