- June 26, 2021
- Posted by: Stratford Team
- Category: Business
WASHINGTON — The House has adopted legislation that would expand banks’ reporting of credit application data to include information about LGBTQ-owned businesses.
The LGBTQ Business Equal Credit Enforcement and Investment Act passed the House 252-176 on Thursday. The legislation would require financial institutions to report credit application data relating to LGBTQ-owned businesses to the Consumer Financial Protection Bureau for the purposes of enforcing fair lending laws.
The bill expands upon the small-business loan data that the Equal Credit Opportunity Act already requires banks to report to the CFPB on women-owned and minority-owned businesses to include LGBTQ-owned business data.
“This bill takes necessary action to help ensure that LGBTQ-owned businesses are treated fairly by financial institutions and protected against lending discrimination,” said House Financial Services Committee Chairwoman Maxine Waters, D-Calif.
All of the chamber’s…