H.R. 166 aims to establish an Office of Fair Lending Testing within the Bureau of Consumer Financial Protection to ensure compliance with the Equal Credit Opportunity Act. The bill strengthens protections against credit discrimination by prohibiting discrimination based on...
Simple Explanation
The bill is like a new set of rules to make sure everyone gets a fair chance to borrow money, no matter where they live or how much help they get from others. It also says that if someone breaks these rules on purpose, they could get in big trouble, so everyone has to be fair and honest when they lend money to people.