Search Results for keywords:"clarity in lending act"

Search Results: keywords:"clarity in lending act"

H. R. 8338 — To regulate small-dollar, short-term credit products, to protect the privacy of lenders, and to improve the unfair, deceptive, or abusive acts or practices authority of the Bureau of Consumer Financial Protection, and for other purposes.
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May 10, 2024
Status:Introduced in House
Congress:118
Words:3,815
The "Clarity in Lending Act," known as H.R. 8338, aims to regulate small-dollar, short-term loans to protect both consumers and lenders. It introduces safety measures for consumers, such as prohibiting certain loan practices and requiring good faith underwriting, while alleviating potential...
Simple Explanation
The "Clarity in Lending Act" is like a rulebook that helps people understand and be safe with small loans, making sure the rules are fair for everyone and protect people's secrets. It also gives people who lend money clear rules on what they can or can't do, helping everyone play fair and follow the rules.
H. R. 8338 — To regulate small-dollar, short-term credit products, to protect the privacy of lenders, and to improve the unfair, deceptive, or abusive acts or practices authority of the Bureau of Consumer Financial Protection, and for other purposes.
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December 03, 2024
Status:Reported in House
Congress:118
Words:3,910
The Clarity in Lending Act aims to regulate small-dollar, short-term credit products while ensuring the privacy of lenders and improving the enforcement authority of the Bureau of Consumer Financial Protection. It establishes a "safe harbor" for certain credit products that...
Simple Explanation
The Clarity in Lending Act is like a set of rules to make sure small loans, like the kind people might need for a quick bit of money, are fair and safe for everyone. It also makes sure that people's private financial information is kept safe and that companies can't do sneaky or unfair things with loans.

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