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.