To regulate small-dollar, short-term credit products, to protect the privacy of lenders, and to improve the unfair, deceptive, or abusive acts or practices authority of the Bureau of Consumer Financial Protection, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To regulate small-dollar, short-term credit products, to protect the privacy of lenders, and to improve the unfair, deceptive, or abusive acts or practices authority of the Bureau of Consumer Financial Protection, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Defense, Environment.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H6C0C2760C6694038AE07BD9EA99F361A: 1. Short title; table of contents This Act may be cited as the Clarity in Lending Act. The table of contents for this Act is as follows:
- Section H00A05AFEBC684D56B2C6F29CD19F0CD7: 101. Safe harbor for small-dollar credit products The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended by inserting after section 109 the following:...
- Section HCF4304FDA4A84E7AB35D0C95B5EE2AC0: 110. Safe harbor for small-dollar credit products If a covered entity complies with the requirements set forth in subsections (b), (c), and (e) with respect to...
- Section HB2149417A8FE40CF8B9F8125AD85E497: 201. Mitigating factors in assessing civil penalties Section 1055(c) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5565(c)) is amended by adding...
- Section H160D2E20A01949B4AB8EA1A163A6F257: 202. Rulemaking relating to unfair, deceptive or abusive acts or practices Section 1031 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5531) is...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To regulate small-dollar, short-term credit products, to protect the privacy of lenders, and to improve the unfair, deceptive, or abusive acts or practices authority of the Bureau of Consumer Financial Protection, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Defense, Environment
Primary Purpose
This bill, To regulate small-dollar, short-term credit products, to protect the privacy of lenders, and to improve the unfair, deceptive, or abusive acts or practices authority of the Bureau of Consumer Financial Protection, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Young Kim
R-CA | Primary Sponsor
Legislative Progress
ReportedAdditional sponsor: Mr. Flood
Reported with an amendment, committed to the Committee of the …
Mrs. Kim of California introduced the following bill; which was …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
CFPB, CFPB data collection programs, CFPB enforcement authority
Consumer lenders, Credit unions, Credit unions making small business loans
Consumers experiencing discrimination in financial services, Consumers harmed by abusive practices, Consumers harmed by past violations
Banks and credit unions offering small loans, Banks and financial institutions, Depository institutions offering small loans
Civil rights organizations, Consumer advocates
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
Key Definitions
Terms defined in this bill
the final rule of the Bureau titled Small Business Lending Under the Equal Credit Opportunity Act (Regulation B) (88 Fed. Reg. 35150, published May 31, 2023)
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology