Search Results: keywords:"lending transparency"

  • S. 557 — To repeal the small business loan data collection requirements under the Equal Credit Opportunity Act.
    Status:Introduced in Senate
    Words:556

    S. 557, titled the “1071 Repeal to Protect Small Business Lending Act,” aims to remove certain data collection requirements imposed on financial institutions by the Equal Credit Opportunity Act. These requirements, established by the Dodd-Frank Act, involve collecting data on small business...

    Simple Explanation

    S. 557 is a proposal to stop asking banks for a lot of extra information before they give loans to small businesses. The idea is that this will make it easier and cheaper for banks to give loans to small businesses, but some people worry it might make it harder to know if banks are being fair when they decide who gets a loan.

  • S. 5129 — To amend the Truth in Lending Act to address certain issues relating to the extension of consumer credit, and for other purposes.
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    Status:Introduced in Senate
    Words:2,573

    S. 5129, titled the "SAFE Lending Act of 2024," aims to enhance consumer protections in electronic lending. It amends the Truth in Lending Act and the Electronic Fund Transfer Act to prevent unauthorized use of remotely created checks and ensure transparency in small-dollar...

    Simple Explanation

    The SAFE Lending Act of 2024 is like a set of new rules to make sure when people borrow small amounts of money online, the process is fair and clear, so they don't end up with surprise fees or tricky situations. It sets up guidelines for lenders to be honest, especially when loans happen over the internet, and helps to keep people's money details private and safe.