The Clarity in Lending Act aims to regulate small-dollar, short-term credit products while ensuring the privacy of lenders and improving the enforcement authority of the Bureau of Consumer Financial Protection. It establishes a "safe harbor" for certain credit products that...
Simple Explanation
The Clarity in Lending Act is like a set of rules to make sure small loans, like the kind people might need for a quick bit of money, are fair and safe for everyone. It also makes sure that people's private financial information is kept safe and that companies can't do sneaky or unfair things with loans.