LGBTQ 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-, or queer-owned businesses. Currently, this data is reported regarding women-owned, minority-owned, and small businesses.
To amend the Equal Credit Opportunity Act to require the collection of 
      small business loan data related to LGBTQ-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 ``LGBTQ 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 ``LGBTQ-owned,'' after ``minority-owned,'' 
        each place such term appears;
            (2) in subsection (e)(2)(G), by inserting ``, sexual 
        orientation, gender identity'' after ``sex''; and
            (3) in subsection (h), by adding at the end the following:
            ``(7) LGBTQ-owned business.--The term `LGBTQ-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, or 
                queer; 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, or 
                queer.''.

SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

            Passed the House of Representatives June 24, 2021.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.
LGBTQ Business Equal Credit Enforcement and Investment Act
To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses.
LGBTQ Business Equal Credit Enforcement and Investment Act
LGBTQ Business Equal Credit Enforcement and Investment Act
LGBTQ Business Equal Credit Enforcement and Investment Act
LGBTQ Business Equal Credit Enforcement and Investment Act
Rep. Torres, Ritchie