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Summary (1)

There is one summary for H.R.5724. View summaries

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Introduced in House (07/11/2016)

Protecting Consumers' Access to Credit Act of 2016

This bill amends the Revised Statutes and the Federal Deposit Insurance Act to state that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party. (Under these laws, interest may be charged on loans to customers at the greater of: (1) a rate not more than 1% above the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank for the district in which the lender is located, or (2) the highest rate allowed by the laws of the state in which the lender is located.)

Actions Overview (1)

07/11/2016 Introduced in House

All Actions (2)

07/11/2016 Referred to the House Committee on Financial Services.
Action By: House of Representatives
07/11/2016 Introduced in House
Action By: House of Representatives

Titles (2)

Short Titles:

Short Titles - House of Representatives

Short Titles as Introduced:

Protecting Consumers' Access to Credit Act of 2016

Official Titles:

Official Titles - House of Representatives

Official Title as Introduced:

To amend the Revised Statutes of the United States and the Federal Deposit Insurance Act to require the rate of interest on certain loans remain unchanged after transfer of the loan, and for other purposes.

Subjects (4)

  • Banking and financial institutions regulation
  • Credit and credit markets
  • Interest, dividends, interest rates

Cosponsors (0)

No cosponsors.

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services07/11/2016 Referred to

Related Bills (0)

No related bill information was received for H.R.5724.