House Bill Would Reduce Small Lenders’ Reporting Requirements

A bill that would reduce small lenders’ reporting requirements was one of four bills the House Financial Services Committee advanced to the House of Representatives on Tuesday (April 21).

The Small Lenders Exempt from New Data and Excessive Reporting Act (Small LENDER Act; H.R. 941), offered by Rep. French Hill (R-Ark.), would reduce reporting requirements on small lenders, according to a Wednesday (April 22) press release. The bill passed the committee on a 26-22 vote.

Hill said in a Tuesday press release that the bill addresses Section 1071 of the Dodd-Frank Act and delays implementation of small business lending data collection requirements, narrows their scope and exempts smaller institutions.

“Community banks play a crucial role in our financial ecosystem,” Hill said. “They foster competition, serve underserved communities and drive economic growth. By reducing excessive reporting requirements, we are not only alleviating burdens on these institutions but also enhancing their ability to serve their customers.”

Another bill advanced by the committee, the Protecting Americans’ Retirement Savings from Politics Act (H.R. 8286), offered by Rep. Bryan Steil (R-Wis.), would ensure that fiduciaries prioritize financial returns for workers and retirees rather than investment mandates, the release said. The bill passed the committee on a 27-24 vote.

When introducing the act on April 15, Steil said in a press release: “Too often, proxy advisors have encouraged votes that run counter to the economic interests of retirees and seniors. Investment advisors and pension funds should be focused on securing your retirement, not advancing their political agenda.”

A third bill, the China Exchange Rate Accountability Act of 2026 (H.R. 8290), sponsored by Rep. Pete Sessions (R-Texas), would increase transparency in China’s exchange rate practices, per the release. The bill passed on a 32-20 vote.

A Tuesday post on X by Financial Services GOP that was reposted by Sessions quoted Sessions as telling the committee: “H.R. 8290 would require the Secretary of the Treasury to oppose any increase in China’s IMF voting power, giving them more power over these questions that abound until we can certify that China is publishing credible balance of payment data and is engaging in transparent exchange rate practices.”

The fourth bill, the Repealing Big Brother Overreach Act (H.R. 425), sponsored by Rep. Warren Davidson (R-Ohio), would roll back reporting and compliance requirements for American small business owners, according to the release. The bill passed on a 26-25 vote.

Davidson said in a Tuesday post on X: “Millions of American small businesses have been buried in paperwork and fines under the Corporate Transparency Act. My Repealing Big Brother Overreach Act limits beneficial ownership reporting to foreign-owned entities, leaving Main Street businesses alone.”