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.