Consumer Credit
US Congress 116th Congress
Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020 [HB-6576]
Suspends, during a major disaster or emergency declaration and for 120 days after the end of the incident period, certain penalties applicable to consumer transaction accounts. During such a period, depository institutions are prohibited from charging checking-account penalties (i.e., non-sufficient fund fees and overdraft coverage fees), or reporting a consumer's overdraft use to a credit reporting agency.
Sponsored by: Rep. James Langevin
Introduced In House on 04/21/2020
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To defer action regarding certain debts arising from benefits under laws administered by the Secretary of Veterans Affairs for a period of time including the COVID-19 emergency period. [HB-6590]
Defers certain debts arising from benefits under laws administered by the Department of Veterans Affairs (VA) during the covered period, which is the COVID-19 (i.e., coronavirus disease 2019) emergency period plus the 60 days following the end of such period. Specifically, the bill prohibits the VA from doing the following during the covered period: collecting or recording certain debts, issuing notice of certain debts to a person or consumer reporting agency, allowing any interest to accrue on certain debts, or applying any administrative fee to
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Sponsored by: Rep. Eleanor Norton
Referred To The Subcommittee On Oversight And Investigations. on 09/30/2020
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Payday and Predatory Loans Moratorium Act of 2020 [HB-6544]
Prohibits for one year efforts by a lender to collect on certain debts owed by a borrower affected by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Specifically, lenders are prohibited from collection efforts against such a borrower with respect to (1) a loan with a nominal interest rate of 36% or more, and (2) a loan which the lender did not determine was affordable while allowing the borrower to meet basic living expenses and major financial obligations.
Sponsored by: Rep. Gregory Meeks
Introduced In House on 04/17/2020
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Rent and Mortgage Cancellation Act of 2020 [HB-6515]
Provides housing assistance during the COVID-19 (i.e., coronavirus disease 2019) public health emergency. Specifically, the bill suspends rental and mortgage payments for primary residences for a period lasting until 30 days after the termination of the federal emergency declaration relating to COVID-19. The Department of Housing and Urban Development (HUD) must establish funds to reimburse lessors and lenders for payments suspended under the bill. In addition, HUD must establish an Affordable Housing Acquisition Fund to support the acquisition
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Sponsored by: Rep. Raul Grijalva
Introduced In House on 04/17/2020
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Medical Debt Relief Act of 2020 [HB-6470]
Modifies requirements related to the reporting of medical debt. Specifically, a consumer reporting agency may not add certain medical debt information to a consumer credit report. Also, a debt collector may not report certain medical debt information to a consumer reporting agency within a specified time period and must notify the consumer prior to reporting such medical debt.
Sponsored by: Rep. Sean Maloney
Introduced In House on 04/07/2020
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Fair Coronavirus Credit Reporting Act of 2020 [HB-6451]
Prohibits a credit reporting agency from including on a consumer's credit report a debt resulting from a medically necessary procedure related to the COVID-19 (i.e., coronavirus disease 2019) outbreak.
Sponsored by: Rep. Joseph Neguse
Introduced In House on 04/03/2020
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To provide for a temporary debt collection moratorium during the COVID-19 emergency period, and for other purposes. [HB-6423]
Places restrictions on the collection of debt owed by a consumer, nonprofit organization, or small business during the COVID-19 (i.e., coronavirus disease 2019) emergency period and the following 120 days. Among other things, debt collectors may not during this period charge fees or apply a higher interest rate as a result of nonpayment, commence or continue litigation to collect a debt, enforce a security interest through a repossession or foreclosure, report past due debt to a credit reporting agency, seize assets, or terminate utility service.
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Sponsored by: Rep. Al Lawson
Introduced In House on 03/31/2020
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Coronavirus Credit Lapse Forgiveness Act [HB-6413]
Generally prohibits credit reporting agencies from reporting adverse information regarding debt (1) arising from a COVID-19 (i.e., coronavirus disease 2019) related illness, and (2) incurred within one year of enactment of this bill. This prohibition applies to debt incurred by individuals earning less than $50,000 a year, or a married couple filing jointly earning less than $75,000 a year.
Sponsored by: Rep. Gregory Murphy
Introduced In House on 03/27/2020
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Responsible Relief for Americans Act [HB-6396]
Revises and establishes economic assistance measures in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill provides funding for and authorizes the Small Business Administration (SBA) to guarantee paycheck protection loans made to small businesses. Recipients of such loans are eligible for forgiveness of amounts expended for specified costs such as payroll. Small businesses may request an advance of up $10,000 on an SBA disaster loan for which they have applied in response to COVID-19. Further the bill requires the SBA
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Sponsored by: Rep. Andy Biggs
Referred To The Subcommittee On Economic Opportunity. on 09/30/2020
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Emergency Relief for Student Borrowers Act of 2020 [HB-6316]
To provide relief for Federal and private student loan borrowers during the COVID-19 pandemic, and for other purposes.
Sponsored by: Rep. Eleanor Norton
Introduced In House on 03/23/2020
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Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020 [HB-6379]
Responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses. The bill provides FY2020 supplemental appropriations for federal agencies to respond to the COVID-19 outbreak. The supplemental appropriations are designated as emergency spending, which is exempt from discretionary spending limits. In addition, the bill expands paid sick days, family and medical leave, unemployment compensation, and food assistance programs; provides economic
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Sponsored by: Rep. Nita Lowey
Introduced In House on 03/23/2020
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Relief for Consumers During COVID–19 Act of 2020 [HB-6332]
Places restrictions on the collection of consumer debts during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Among other things, debt collectors may not during such a period enforce a security interest through a repossession or foreclosure, commence or continue litigation to collect a debt, terminate utility service, seize assets, commence or continue an eviction, or charge fees or apply a higher interest rate as a result of nonpayment. After such a period, debt collectors must provide certain repayment options including extending
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Sponsored by: Rep. Joyce Beatty
Introduced In House on 03/23/2020
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Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act [HB-6321]
Responds to the COVID-19 (i.e., coronavirus disease 2019) emergency and generally provides for financial assistance and other aid to individuals, businesses, and state and local governments for the duration of the emergency period. Among other things, the bill provides direct payments to individuals of up to $2,000 a month, subject to limits based on adjusted gross income; establishes digital wallets for individuals without bank accounts to receive such payments; provides for the suspension of specified housing and consumer loan payments, evictions,
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Sponsored by: Rep. Maxine Waters
Introduced In House on 03/23/2020
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Student Debt Emergency Relief Act [HB-6363]
To amend the Higher Education Act of 1965 to halt collection of certain student loans, and for other purposes.
Sponsored by: Rep. Raul Grijalva
Introduced In House on 03/23/2020
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Ensuring Affordable Housing Security During the Coronavirus Emergency Act of 2020 [HB-6374]
To suspend requirements that tenants of assisted housing make contributions toward rent during the public health emergency relating to coronavirus, and for other purposes.
Sponsored by: Rep. Nydia Velazquez
Introduced In House on 03/23/2020
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Disaster Protection for Workers’ Credit Act [HB-6370]
Provides credit protections to consumers during the COVID-19 (i.e., coronavirus disease 2019) outbreak and other major disasters. The bill generally prohibits furnishers of credit information from reporting adverse credit information that is the result of any inaction or action that occurred during the COVID-19 outbreak. It also prohibits any such reporting regarding a consumer who resides in an area covered by a major disaster declaration. Additionally, medical debt related to the COVID-19 outbreak or a major disaster may not be reported to a consumer
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Sponsored by: Rep. James Langevin
Introduced In House on 03/23/2020
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Interagency Pandemic Guidance for Consumers Act [HB-6378]
Directs financial regulators to issue interagency guidance regarding consumer debt relief options (e.g., deferment, forbearance, and affordable payment plans) in the event of a major disaster or pandemic. Financial regulators must also test financial institutions' response to a pandemic or major disaster every five years and report the results to Congress.
Sponsored by: Rep. Maxine Waters
Introduced In House on 03/23/2020
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Small Business and Consumer Emergency Credit Act [S.3560]
Applies certain military consumer credit protections to all consumers, tax-exempt charitable organizations, and small businesses for credit extended during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Specifically, the bill caps the interest rate on an extension of consumer credit at 36%.
Sponsored by: Sen. Sherrod Brown
Committee On Banking, Housing, And Urban Affairs. Hearings Held. on 05/12/2020
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Small Business and Consumer Debt Collection Emergency Relief Act of 2020 [S.3565]
Places restrictions on the collection of consumer and small business debts during a major disaster or emergency, including during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Among other things, debt collectors may not during such a period enforce a security interest through a repossession or foreclosure, commence or continue litigation to collect a debt, terminate utility service, seize assets, commence or continue an eviction, or charge fees or apply a higher interest rate as a result of nonpayment. After such a period, debt
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Sponsored by: Sen. Cory Booker
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 03/22/2020
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Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020 [S.3566]
Suspends, during a major disaster or emergency declaration and for 120 days after the end of the incident period, certain penalties applicable to consumer transaction accounts. During such a period, depository institutions are prohibited from charging checking-account penalties (i.e., non-sufficient fund fees and overdraft coverage fees), or reporting a consumer's overdraft use to a credit reporting agency.
Sponsored by: Sen. Cory Booker
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 03/22/2020