US HB5023 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 13-0)
Status: Introduced on April 21 2016 - 25% progression, died in committee
Action: 2016-04-21 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 21 2016 - 25% progression, died in committee
Action: 2016-04-21 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
SAFE Lending Act of 2016 Stopping Abuse and Fraud in Electronic Lending Act of 2016 This bill amends the Electronic Fund Transfer Act (EFTA) to declare that a remotely created check may only be issued by a person specifically designated in writing by the consumer to the insured depository institution at which the consumer maintains the account from which the check is drawn. A remotely created check is a paper or electronic check that: is not created by the financial institution that holds the customer account from which the check is to be paid; and does not bear a signature applied, or purported to be applied, by the account holder. A consumer may revoke authorization for remotely created checks at any time. The bill prohibits issuance of any payment order in response to a consumer's exercise of federal consumer financial rights. Any voluntary electronic fund transfer to repay a small-dollar consumer credit transaction shall be treated as preauthorized under the Truth in Lending Act (TILA). The TILA is amended to require registration with the Consumer Financial Protection Bureau (CFPB) by any small-dollar lender that facilitates, brokers, arranges, or gathers applications for small-dollar consumer credit (of up to $5,000, adjusted for inflation) extended pursuant to an open-end, non-open-end, or other CFPB-determined credit plan meeting specified criteria. Small-dollar consumer credit transactions must comply with state law where the consumer resides. The EFTA is amended to: declare unlawful overdraft fees charged on a general-use prepaid card, and authorize the CFPB to prohibit fees for declined transactions involving such a card. The TILA is further amended to prohibit a person from certain activities, including distributing sensitive personal financial information, in connection with a small-dollar consumer credit transaction, if that person ("lead generator") does not itself grant the credit directly to the consumer. The Government Accountability Office (GAO) shall study: (1) the availability of capital on Indian reservations, and (2) the impact on tribal economic opportunity and wealth of small-dollar consumer credit extensions to tribal members through Internet and non-Internet means.
Title
SAFE Lending Act of 2016 Stopping Abuse and Fraud in Electronic Lending Act of 2016
Sponsors
Rep. Suzanne Bonamici [D-OR] | Rep. Elijah Cummings [D-MD] | Rep. Earl Blumenauer [D-OR] | Rep. Judy Chu [D-CA] |
Rep. Rosa DeLauro [D-CT] | Rep. Donna Edwards [D-MD] | Rep. Raul Grijalva [D-AZ] | Rep. Eleanor Norton [D-DC] |
Rep. James McGovern [D-MA] | Rep. Janice Schakowsky [D-IL] | Rep. Mark Takano [D-CA] | Rep. Debbie Wasserman Schultz [D-FL] |
Rep. Keith Ellison [D-MN] |
History
Date | Chamber | Action |
---|---|---|
2016-04-21 | House | Referred to the House Committee on Financial Services. |
2016-04-21 | House | Introduced in House |
Same As/Similar To
SB2760 (Same As) 2016-04-07 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1811-1812)
Subjects
Bank accounts, deposits, capital
Banking and financial institutions regulation
Computer security and identity theft
Congressional oversight
Consumer credit
Economic development
Finance and financial sector
Fraud offenses and financial crimes
Government studies and investigations
Indian social and development programs
Licensing and registrations
Minority and disadvantaged businesses
Banking and financial institutions regulation
Computer security and identity theft
Congressional oversight
Consumer credit
Economic development
Finance and financial sector
Fraud offenses and financial crimes
Government studies and investigations
Indian social and development programs
Licensing and registrations
Minority and disadvantaged businesses
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/5023/all-info |
Text | https://www.congress.gov/114/bills/hr5023/BILLS-114hr5023ih.pdf |