Consumer Credit
US Congress 116th Congress
Veterans and Consumers Fair Credit Act [HB-5050]
Applies certain military consumer credit protections to all consumers. Specifically, the bill caps the interest rate on extensions of consumer credit at 36%.
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Fair Debt Collection Improvement Act [HB-5034]
Prohibits a debt collector from collecting a consumer debt if the applicable statute of limitations has expired.
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Small Business Fair Debt Collection Protection Act [HB-5013]
Applies consumer debt collection protections to small businesses, including protections regarding debt collection methods and third-party debt collection.
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Ending Debt Collection Harassment Act of 2019 [HB-5021]
Prohibits a debt collector from sending electronic communications to a consumer without the consumer's consent. The Consumer Financial Protection Bureau (CFPB) may not issue rules that allow a debt collector to send unlimited electronic communications. Additionally, the CFPB must report on consumer complaints about electronic communications and enforcement actions taken against debt collectors.
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Student Loan Default Reduction Program Act [HB-4869]
Provides for the removal of any adverse credit history related to a federal student loan from a borrower's credit once the borrower has completed default rehabilitation.
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Consumer Credit Control Act of 2019 [S.2685]
Requires a consumer's affirmative informed consent before a consumer reporting agency may share that consumer's report with third parties for specified purposes. A consumer reporting agency must verify a consumer's identity when obtaining this consent. (Currently, this sharing is generally allowed unless a consumer opts out.) If the consumer provides consent, a consumer reporting agency may share information with a third party for an extension of credit, or the underwriting of insurance. A consumer reporting agency may provide a consumer report
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Identity Theft Victims Protection Act of 2019 [S.2631]
Requires credit reporting agencies, upon request of a victim of identity theft, to include the resulting negative credit information on the credit report of a defendant found guilty of such identity theft.
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Monitoring and Curbing Abusive Debt Collection Practices Act [HB-4664]
Prohibits the Consumer Financial Protection Bureau (CFPB) from issuing rules that allow a debt collector to send unlimited electronic communications to a consumer. Additionally, the CFPB must report on consumer complaints about debt collection and enforcement actions taken against debt collectors.
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Open Banking Study Act of 2019 [HB-4047]
Directs the Federal Reserve Board, the Consumer Financial Protection Bureau, the Government Accountability Office, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to report jointly on their respective regulated entities' processes for third-party access to consumer-authorized financial data.
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Private Loan Disability Discharge Act of 2019 [HB-4545]
Directs the holder of a private education loan to discharge the loan in the event of the borrower's death or total and permanent disability. The obligation of a cosigner for a private education loan is also discharged in the event of total and permanent disability of the borrower. The bill also extends indefinitely the exclusion of student loan debt discharge from gross income for federal income tax purposes.
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Ensuring Fair Legal Recourse for Private Student Loan Borrowers Act [HB-4544]
Invalidates a predispute arbitration agreement if it requires arbitration of a dispute relating to a private education loan.
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Small Business Credit Protection Act of 2019 [HB-4480]
Establishes requirements related to breaches of data belonging to small businesses. Specifically, a consumer reporting agency must promptly report any breach of nonpublic small business data. In the event of a breach, a consumer reporting agency may not charge a small business for a credit report. Additionally, the Government Accountability Office must report on the economic harm to small businesses resulting from data breaches at consumer reporting agencies.
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Clean Slate through Consolidation Act [HB-4395]
Requires the Department of Education (ED) to have a record of default removed from a borrower's credit history in certain circumstances. Specifically, when a borrower obtains a Federal Direct Consolidation Loan discharging the borrower's liability on a defaulted student loan, ED must request a consumer reporting agency remove the record of default from the borrower's credit history.
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Clean Slate through Repayment Act of 2019 [HB-4396]
Requires the Department of Education (ED) to have a record of default removed from a borrower's credit history in certain circumstances. Specifically, when a borrower repays in full the amount due on a defaulted student loan, ED must request a consumer reporting agency remove the record of default from the borrower's credit history.
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US Congress 116th Congress
Clean Slate through Repayment Act of 2019 [HB-4396]
Requires the Department of Education (ED) to have a record of default removed from a borrower's credit history in certain circumstances. Specifically, when a borrower repays in full the amount due on a defaulted student loan, ED must request a consumer reporting agency remove the record of default from the borrower's credit history.
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VA Overpayment Accountability Act [HB-4360]
(Sec. 2) prescribes procedures by which the Department of Veterans Affairs (VA) and debt collectors shall correct errors submitted to consumer reporting agencies about the indebtedness of certain veterans. Specifically, the bill requires these corrections for veterans who are indebted due to participation in a VA benefits program. (Sec. 3) The bill also requires the VA to update its information technology for the processing of VA benefits. (Sec. 4) Lastly, the bill requires the VA to self-audit to determine the frequency by which overpayments are
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Protecting Innocent Consumers Affected by a Shutdown Act [HB-4328]
Prohibits credit reporting agencies from including on a credit report certain adverse information regarding certain employees affected by a government shutdown. It also provides for a database of consumers affected by a government shutdown and prohibits a report user from taking adverse action against an employee on the basis of information in a report or in the database.
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National Guard and Reservists Debt Relief Extension Act of 2019 [S.2128]
Extends for an additional four years the exemption from the means test under Chapter 7 bankruptcy for qualifying members of an Armed Forces reserve component or the National Guard. Currently, the exemption expires on December 19, 2019.
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Financial Inclusion in Banking Act of 2019 [HB-4067]
Expands the duties of the Office of Community Affairs within the Consumer Financial Protection Bureau regarding under-banked, un-banked, and underserved consumers. The office must, in part (1) report on impeding factors for individuals and families that do not participate in the banking system, and (2) develop strategies to increase such participation. The bill also decreases, beginning September 30, 2029, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
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Stop Online Booking Scams Act of 2019 [HB-3956]
Prohibits third-party hotel-booking websites from marketing, or selling reservations for, a hotel room if the booking site states or implies that it is affiliated with the hotel owner or operator when it is not.