To amend the Equal Credit Opportunity Act to require creditors to request demographic information from applicants for certain types of credit in order to prevent discriminatory lending practices with respect to those applicants, and for other purposes.
Protections in Consumer Lending Act
This bill requires creditors to collect specified demographic information regarding applicants for certain credit transactions (e.g., automobile loans, credit cards, and payday loans) and the outcomes of these applications. The creditor must report this information to the Consumer Financial Protection Bureau (CFPB).
The CFPB must use this information to determine whether a creditor is engaging in discriminatory practices and may take enforcement action.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E471)
Referred to the House Committee on Financial Services.
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