Proposed bill would require financial institutions to ask for sexual orientation and gender identity under ECOA

ROCHESTER, N.Y. (WHEC) — U.S. Sen. Kirsten Gillibrand (D-NY) is introducing a bill that she says will help ensure that LGBTQ-owned businesses have equal access to capital and credit.

The LGBTQ Business Equal Credit Enforcement and Investment Act would:

  1. Add a definition for businesses owned by lesbian, gay, bisexual, transgender, and queer people to the Equal Credit Opportunity Act (ECOA), which currently collects data on applications for credit for women-owned, minority-owned, and small businesses.
  2. Amend the ECOA to require financial institutions to collect the self-identified sexual orientation and gender identity of the principal owners of small businesses, in addition to their sex, race, and ethnicity.

The House version of the bill, introduced by Rep. Ritchie Torres (D-NY-15), who represents the New York City area, has already passed.