Consumer Credit
US Congress 116th Congress
Loan Shark Prevention Act [S.1389]
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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To amend the Federal Deposit Insurance Act to clarify the definition of a deposit broker, and for other purposes. [HB-2572]
Excludes certain affiliated broker-dealers that service retirement accounts and other similar plans from requirements applicable to brokered deposits.
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US Congress 116th Congress
Data Breach Prevention and Compensation Act of 2019 [HB-2545]
Establishes an Office of Cybersecurity within the Federal Trade Commission (FTC). The office must supervise the data security of credit reporting agencies, including through annual examinations. The office must also investigate and enforce suspected violations by credit reporting agencies. The bill also requires notification to the FTC, relevant law enforcement and intelligence agencies, consumers, and the public of a data breach affecting a credit reporting agency.
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Student Loan Borrower Bill of Rights [S.1354]
A bill to require certain protections for student loan borrowers, and for other purposes.
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Data Breach Prevention and Compensation Act of 2019 [S.1336]
Establishes an Office of Cybersecurity within the Federal Trade Commission (FTC). The office must supervise the data security of credit reporting agencies, including through annual examinations. The office must also investigate and enforce suspected violations by credit reporting agencies. The bill also requires notification to the FTC, relevant law enforcement and intelligence agencies, consumers, and the public of a data breach affecting a credit reporting agency.
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Repeal CFPB Act [S.1335]
Repeals the Consumer Financial Protection Act of 2010, which established the Consumer Financial Protection Bureau.
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Self-Employed Mortgage Access Act of 2019 [HB-2445]
Allows creditors to use certain alternative standards when evaluating an applicant's ability to pay for purposes of obtaining a home mortgage.
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Protecting Consumers from Unreasonable Credit Rates Act of 2019 [S.1230]
Prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%. The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill. Credit card billing statements must include the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).
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Empowering States' Rights To Protect Consumers Act of 2019 [S.1006]
Limits the annual percentage rate applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.
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Protections in Consumer Lending Act [HB-2324]
Requires creditors to collect specified demographic information regarding applicants for certain credit transactions (e.g., automobile loans, credit cards, and payday loans) and the outcomes of these applications. The creditor must report this information to the Consumer Financial Protection Bureau (CFPB). The CFPB must use this information to determine whether a creditor is engaging in discriminatory practices and may take enforcement action.
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Protections in Consumer Lending Act [S.1205]
Requires creditors to collect specified demographic information regarding applicants for certain credit transactions (e.g., automobile loans, credit cards, and payday loans) and the outcomes of these applications. The creditor must report this information to the Consumer Financial Protection Bureau (CFPB). The CFPB must use this information to determine whether a creditor is engaging in discriminatory practices and may take enforcement action.
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Protections in Consumer Lending Act [S.1205]
Requires creditors to collect specified demographic information regarding applicants for certain credit transactions (e.g., automobile loans, credit cards, and payday loans) and the outcomes of these applications. The creditor must report this information to the Consumer Financial Protection Bureau (CFPB). The CFPB must use this information to determine whether a creditor is engaging in discriminatory practices and may take enforcement action.
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A resolution to authorize the production of records by the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs. [SR-139]
This resolution authorizes the chairman and ranking minority member of the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs to provide records of the subcommittee's investigation into the Equifax data breach to the Federal Trade Commission and other law enforcement officials, regulatory agencies, and entities or individuals duly authorized by federal or state governments.
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US Congress 116th Congress
Retirement Enhancement and Savings Act of 2019 [S.972]
Modifies requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges. With respect to employer-provided plans, the bill modifies requirements regarding multiple employer plans, automatic enrollment and nonelective contributions, loans, terminating or transferring plans, reporting and disclosure rules, nondiscrimination rules, selecting lifetime income providers, and Pension Benefit Guaranty Corporation premiums. The bill also increases the tax credit for small employer
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Shutdown Guidance for Financial Institutions Act [HB-2290]
Directs financial regulators—including the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—to issue guidance relating to a government shutdown. Among other things, financial regulators must issue guidance encouraging financial institutions to modify loan terms and to extend credit to consumers and businesses affected by a shutdown, and to take steps to prevent the reporting of adverse credit information
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Freedom Financing Act [HB-2079]
Restricts certain banks, credit unions, and payment card networks from refusing to do business with a person based on reputational considerations.
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Taxpayer First Act of 2019 [S.928]
Modifies requirements for the Internal Revenue Service (IRS) regarding its organizational structure, customer service, enforcement procedures, management of information technology, and use of electronic systems. The bill includes provisions that establish the IRS Independent Office of Appeals to resolve federal tax controversies without litigation; require the IRS to develop a comprehensive customer service strategy; continue the IRS Free File Program; exempt certain low-income taxpayers from payments required to submit an offer-in-compromise; modify
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Taxpayer First Act of 2019 [HB-1957]
Establishes the National Parks and Public Land Legacy Restoration Fund to support deferred maintenance projects on federal lands. For FY2021-FY2025, there shall be deposited into the fund an amount equal to 50% of energy development revenues credited, covered, or deposited as miscellaneous receipts from oil, gas, coal, or alternative or renewable energy development on federal lands and waters. Deposited amounts must not exceed $1.9 billion for any fiscal year. The fund must be used for priority deferred maintenance projects in specified systems
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Economic Mobility Corps Act of 2019 [S.884]
Establishes the Economic Mobility Corps for the purpose of providing support to community development financial institutions and projects related to financial counseling, financial services, job placement, small business financing, affordable rental housing financing, commercial facility financing, community facility financing, single-family home financing, and foreclosure prevention services. Specifically, the Corporation for National and Community Service and the Department of the Treasury must establish grants and other support for this program.
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Kids to College Act [HB-1810]
Provides for income-share agreements whereby a student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for educational expenses. The bill places caps on the percentage of a student's future income that may go towards repayment, provides income minimums under which the required payment is zero, and establishes limitations on the length of these agreements. The bill provides for the treatment of these agreements under various laws, including tax, securities, and consumer finance laws.