Search Results for keywords:"creditworthiness"

Search Results: keywords:"creditworthiness"

H. R. 6870 — To amend the Equal Credit Opportunity Act to clarify creditor’s rights and remedies with respect to the consideration of immigration status with respect to the extension of credit, and for other purposes.
December 19, 2023
Status:Introduced in House
Congress:118
Words:369
H.R. 6870 aims to modify the Equal Credit Opportunity Act to detail how creditors can consider a person's immigration status when deciding to extend credit. The bill allows creditors to inquire about someone's immigration status to understand their legal options and protections related to...
Simple Explanation
In this bill, Congress wants to change the rules about how banks look at a person's immigration status when deciding who gets a loan. They say banks can ask about it, but they shouldn't let it unfairly change their decision about giving someone money.
H. R. 8356 — To amend the Truth in Lending Act to provide for a safe harbor for small-dollar credit products, and for other purposes.
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May 10, 2024
Status:Introduced in House
Congress:118
Words:1,264
The bill, H.R. 8356, also known as the Small Dollar Loan Certainty Act, aims to amend the Truth in Lending Act to create a safe harbor for small-dollar credit products. This means that if financial institutions follow certain rules when offering loans or...
Simple Explanation
The bill wants to make borrowing small amounts of money, like $3,500 or less, safer and easier. If banks follow certain rules when giving these small loans, they won't get in trouble, and it helps make sure they lend money responsibly.
H. R. 8142 — To require the Bureau of Consumer Financial Protection to conduct an assessment of the use of certain educational data in determining the creditworthiness of an applicant, and for other purposes.
April 29, 2024
Status:Introduced in House
Congress:118
Words:737
H. R. 8142 aims to have the Bureau of Consumer Financial Protection evaluate how educational data is used when deciding if someone is creditworthy. The bill requires an annual assessment in collaboration with other agencies and civil rights groups, focusing on whether this...
Simple Explanation
H. R. 8142 wants to check how schools' information is used to decide if people deserve loans, to make sure it's fair and doesn't discriminate against anyone. They will look into this every year, tell everyone what they find out, and watch out for companies that might be unfairly using this information.

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