Date: June 24, 2021
Subject: Hiking Regulatory Costs in the Lending Industry via the "LGBTQ Business Equal Credit Enforcement and Investment Act"
Description: The so-called LGBTQ Business Equal Credit Enforcement and Investment Act sponsored by Rep. Torres (D-NY), saddles banking and lending firms with even greater regulatory costs and serves as yet another tool for plaintiffs' attorneys to advance frivolous litigation. Specifically, the bill forces financial institutions to collect and report application data regarding LGBTQ owned businesses under the Consumer Financial Protection Bureau's fair lending laws. ACU opposes this measure which imposes yet another regulatory cost on businesses and is designed to enrich plaintiffs' attorneys through frivolous litigation.
Result: Bill Passed, 252-176
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