S 4002
LGBTQ Business Equal Credit Enforcement and Investment Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill aims to ensure that LGBTQ-owned businesses are treated equally under fair lending laws. It amends the Equal Credit Opportunity Act to require financial institutions to collect and report data on small business loans specifically for businesses owned by individuals who identify as lesbian, gay, bisexual, transgender, or queer. This will help the Consumer Financial Protection Bureau monitor and address potential discrimination in lending practices against these businesses. Currently, this data is collected for women and minority-owned businesses.
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