S.1205 - Protections in Consumer Lending Act116th Congress (2019-2020) |
|Sponsor:||Sen. Gillibrand, Kirsten E. [D-NY] (Introduced 04/11/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 04/11/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1205 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (04/11/2019)
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.