LGBTQI Business Equal Credit Enforcement and Investment Act

Bill: 118-hr-6652
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2023-12-06
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-12-06
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-12-06
action_desc: Introduced in House
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: I 118th CONGRESS 1st Session H. R. 6652 IN THE HOUSE OF REPRESENTATIVES December 6, 2023 Mr. Torres of New York (for himself, Mr. Allred , Mrs. Beatty , Mr. Blumenauer , Ms. Bonamici , Ms. Castor of Florida , Ms. Chu , Ms. Davids of Kansas , Mr. Evans , Mr. Foster , Mr. García of Illinois , Ms. Garcia of Texas , Mr. Goldman of New York , Mr. Gottheimer , Mr. Green of Texas , Mr. Grijalva , Mrs. Hayes , Ms. Jayapal , Ms. Kamlager-Dove , Mr. Kim of New Jersey , Ms. Leger Fernandez , Mr. McGovern , Mr. Meeks , Ms. Moore of Wisconsin , Mr. Nadler , Mr. Nickel , Ms. Norton , Mr. Payne , Mr. Pocan , Ms. Salinas , Ms. Schakowsky , Mrs. Sykes , Mr. Takano , Ms. Titus , Mr. Tonko , Ms. Velázquez , and Ms. Wilson of Florida ) 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 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. .