LGBTQI Business Equal Credit Enforcement and Investment Act

LGBTQI Business Equal Credit Enforcement and Investment Act

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.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6652 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 6652

To amend the Equal Credit Opportunity Act to require the collection of 
      small business loan data related to LGBTQI-owned businesses.


_______________________________________________________________________


                    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. Garcia 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. Velazquez, 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``LGBTQI Business Equal Credit 
Enforcement and Investment Act''.

SEC. 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.''.
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