Clarity in Lending Act
The source supplies the latest action, but no lifecycle stage.
Latest action (3 Dec 2024): Placed on the Union Calendar, Calendar No. 652.
What this bill does
H.R. 8338, the Clarity in Lending Act, proposes changes to regulations concerning small-dollar, short-term credit products and the authority of the Bureau of Consumer Financial Protection (CFPB). The bill would establish a "safe harbor" for certain small-dollar loans and lines of credit, provided they meet specific requirements regarding repayment terms, amortization, and prohibitions on rollovers. It would also modify how the CFPB assesses penalties for unfair, deceptive, or abusive acts or practices, including requiring cost-benefit analyses for rules and defining what constitutes an "abusive" practice. Additionally, the bill aims to protect the privacy of lenders and exempts some small financial institutions from new data collection requirements related to small business loans.
This bill primarily affects consumers seeking small-dollar loans and the financial institutions that offer them, including banks, credit unions, and third-party service providers. It also impacts the Bureau of Consumer Financial Protection by potentially altering its enforcement powers and rulemaking processes. The bill sets specific parameters for loan structures, underwriting, and disclosure for small-dollar credit, and modifies the grounds and procedures for CFPB enforcement actions. Provisions also relate to data collection for small business lending and the privacy of bank loan information.
H.R. 8338 was introduced on May 10, 2024, and on December 3, 2024, it was reported with an amendment by the House Committee on Financial Services. The bill was then committed to the Committee of the Whole House on the State of the Union and ordered to be printed. It has not yet received a vote in the full House of Representatives. If passed by the House, it would then proceed to the Senate for consideration.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
3 Dec 2024
Placed on the Union Calendar, Calendar No. 652.
Common questions
- What does H.R. 8338 do?
- H.R. 8338, the Clarity in Lending Act, proposes changes to regulations concerning small-dollar, short-term credit products and the authority of the Bureau of Consumer Financial Protection (CFPB). The bill would establish a "safe harbor" for certain small-dollar loans and lines of credit, provided they meet specific requirements regarding repayment terms, amortization, and prohibitions on rollovers. It would also modify how the CFPB assesses penalties for unfair, deceptive, or abusive acts or practices, including requiring cost-benefit analyses for rules and defining what constitutes an "abusive" practice. Additionally, the bill aims to protect the privacy of lenders and exempts some small financial institutions from new data collection requirements related to small business loans. This bill primarily affects consumers seeking small-dollar loans and the financial institutions that offer them, including banks, credit unions, and third-party service providers. It also impacts the Bureau of Consumer Financial Protection by potentially altering its enforcement powers and rulemaking processes. The bill sets specific parameters for loan structures, underwriting, and disclosure for small-dollar credit, and modifies the grounds and procedures for CFPB enforcement actions. Provisions also relate to data collection for small business lending and the privacy of bank loan information. H.R. 8338 was introduced on May 10, 2024, and on December 3, 2024, it was reported with an amendment by the House Committee on Financial Services. The bill was then committed to the Committee of the Whole House on the State of the Union and ordered to be printed. It has not yet received a vote in the full House of Representatives. If passed by the House, it would then proceed to the Senate for consideration.
- Has H.R. 8338 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 8338. Check the latest action and official source below.
- Who sponsored H.R. 8338?
- H.R. 8338 was sponsored by Rep. Kim, Young [R-CA-40] (R-CA), with 1 cosponsor.
- What's the latest action on H.R. 8338?
- Placed on the Union Calendar, Calendar No. 652. (3 Dec 2024).
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