Consumer Credit
US Congress 116th Congress
National Guard and Reservists Debt Relief Extension Act of 2019 [HB-3304]
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. Specifically, members who, after September 11, 2001, are called to active duty or to perform a homeland defense activity for not less than 90 days qualify for this exemption. Currently, the exemption expires on December 19, 2019.
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Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019 [S.1883]
A bill to improve the prohibitions on money laundering, and for other purposes.
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Credit Access and Inclusion Act of 2019 [S.1828]
Allows for the reporting of certain positive consumer-credit information to consumer reporting agencies. Specifically, a person or the Department of Housing and Urban Development may report information related to a consumer's performance in making payments either under a lease agreement for a dwelling or pursuant to a contract for a utility or telecommunications service. However, information about a consumer's usage of any utility or telecommunications service may be reported only to the extent that the information relates to payment by the consumer
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Comprehensive Regulatory Review Act [HB-3198]
Expands the required comprehensive review of financial regulatory requirements. Specifically, the review must be completed by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration, in addition to (as required under current law) the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board. The review must be performed at least every 7, rather than 10, years. After performing the review, a regulator
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CECL Consumer Impact and Study Bill of 2019 [HB-3182]
Directs the Securities and Exchange Commission and federal financial regulators to report on the implementation of the Current Expected Credit Losses (CECL) accounting standard and its impact on credit availability, capital requirements, financial institutions, and nonfinancial institutions. Required compliance with the CECL standard is delayed until one year after submission of this report.
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Taxpayer First Act [HB-3151]
Revises provisions relating to the Internal Revenue Service (IRS), its customer service, enforcement procedures, cybersecurity and identity protection, management of information technology, and use of electronic systems. TITLE I--PUTTING TAXPAYERS FIRST Subtitle A--Independent Appeals Process (Sec, 1001) This subtitle establishes the Internal Revenue Service Independent Office of Appeals headed by a Chief of Appeals. The purpose of this office is to resolve federal tax controversies without litigation on a basis that is fair and impartial, promote
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FIX Act FIX Credit Reporting Errors Act [S.1729]
Modifies the procedures followed by consumer reporting agencies when a consumer disputes the completeness or accuracy of information contained in the consumer's credit report. Specifically, consumer reporting agencies are required to (1) include all documentation provided by the consumer in the dispute notification furnished to any person who provided disputed information, and (2) consider such consumer documentation when conducting reinvestigations of disputed information.
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Veterans’ Credit Protection Act [HB-3012]
Directs the Department of Veterans Affairs (VA) to conduct outreach to inform veterans of how to resolve credit issues caused by a delayed payment of a claim for emergency hospital care, medical services, or other emergency health care furnished through a non-VA provider. The Government Accountability Office shall conduct a study that evaluates the effectiveness of the Office of Community Care in providing timely payment of a proper invoice for such care by the required payment date.
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Veterans’ Credit Protection Act [HB-3012]
Directs the Department of Veterans Affairs (VA) to conduct outreach to inform veterans of how to resolve credit issues caused by a delayed payment of a claim for emergency hospital care, medical services, or other emergency health care furnished through a non-VA provider. The Government Accountability Office shall conduct a study that evaluates the effectiveness of the Office of Community Care in providing timely payment of a proper invoice for such care by the required payment date.
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Stop Overdraft Profiteering Act of 2019 [S.1595]
Prohibits a depository institution from engaging in certain acts in connection with overdraft coverage. Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees and certain related information. A depository institution must provide certain other disclosures regarding its overdraft protection program, including prompt notification of the account's overdraft status. The bill limits the number of overdraft fees a consumer may be charged each month and year and provides that such fees must be reasonable.
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Loan Shark Prevention Act [HB-2930]
Limits the annual percentage rate for an extension of consumer credit to 15%. The Federal Reserve Board may raise this rate if (1) money market interest rates rise over six months, and (2) it is necessary to ensure the safety and soundness of lenders.
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Financial Protection for Our Military Families Act [HB-2904]
Extends the supervisory authority of the Consumer Financial Protection Bureau to credit protections applicable to certain active duty members of the armed forces and their dependents.
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Continued Encouragement for Consumer Lending Act [S.1564]
Directs the Securities and Exchange Commission and federal financial regulators to report on the implementation of the Current Expected Credit Losses (CECL) accounting standard and its impact on credit availability, capital requirements, and financial institutions. Required compliance with the CECL standard is delayed until one year after submission of this report.
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Medical Debt Relief Act of 2019 [S.1581]
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.
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CFPB Student Loan Integrity and Transparency Act of 2019 [HB-2833]
Requires the Department of Education (ED) to provide information related to student loans to the Consumer Financial Protection Bureau (CFPB). The bill prohibits ED from entering into an agreement with a contractor or vendor that services student loans unless the contractor or vendor agrees to provide requested information to the CFPB. It also requires the CFPB to maintain adequate staffing levels to carry out its duties.
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Fair Access to Credit Scores Act of 2019 [HB-2824]
Requires certain consumer reporting agencies to disclose, upon request, as part of a consumer's free annual disclosure (1) the consumer's current credit score, (2) any other information in the consumer's file regarding risk scores or predictors, and (3) any other consumer information the Consumer Financial Protection Bureau considers appropriate with respect to consumer financial education. Consumer reporting agencies shall maintain such scores or predictors in a consumer's file for at least one year after the data is generated.
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Joint Consolidation Loan Separation Act [S.1489]
Allows two borrowers, who had previously received a joint consolidation loan for their student debt under the William D. Ford Federal Direct Loan Program, to submit a joint application to sever their consolidated loan. One borrower may submit a separate application in the event that the individual is experiencing domestic or economic abuse from the other individual borrower, or is unable to reasonably reach or access the loan information of the other borrower.
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Free Credit Score Act of 2019 [HB-2753]
Requires consumer reporting agencies to provide a free credit score to a consumer when providing a free annual consumer report.
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Joint Consolidation Loan Separation Act [HB-2728]
Allows two borrowers, who had previously received a joint consolidation loan for their student debt under the William D. Ford Federal Direct Loan Program, to submit a joint application to sever their consolidated loan. One borrower may submit a separate application in the event that the individual is experiencing domestic or economic abuse from the other individual borrower, or is unable to reasonably reach or access the loan information of the other borrower.
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Unsubscribe Act of 2019 [HB-2683]
Prohibits negative option agreements online unless the terms provide the consumer with a way to cancel the agreement before incurring further or increased charges. For example, under free-to-pay conversion contracts, where a consumer is initially charged a nominal introductory rate and an increased rate after the introductory period ends, the provider of the good or service must require the consumer to perform an additional action, like clicking a confirmation button, before the increased rate takes effect.The bill also requires that certain notifications
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