To amend the Consumer Financial Protection Act of 2010 to provide for the supervision of nondepository persons offering or making small business loans, and for other purposes.
Promoting Fair Lending to Small Businesses Act
This bill requires the Consumer Financial Protection Bureau (CFPB) to require reports from and conduct periodic examinations of certain nondepository business lenders. Specifically, the CFPB must assess these lenders' compliance with fair lending laws, obtain information about compliance systems or procedures, and detect risks to small businesses and to minority- and women-owned businesses. Under the bill, nondepository lenders include financial institutions that are not banks or credit unions but that are required to report under certain fair lending laws.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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