Establishes a regulatory framework for small-dollar, short-term credit products.
Introduces a safe harbor provision for small-dollar credit products, exempting compliant entities from certain penalties and damages.
Specifies product structure and underwriting requirements for small-dollar credit products.
Allows for the use of internal or external data sources in assessing consumer creditworthiness.
Prohibits certain fees and penalties associated with small-dollar credit products.
Requires disclosures and sets limitations on payment sizes for small-dollar credit products.
Defines terms related to covered entities and small-dollar credit products.
Mandates rulemaking to clarify the definitions and enforcement of unfair, deceptive, or abusive acts or practices.
Limits the Bureau of Consumer Financial Protection’s (BCFP) authority to declare acts unlawful based on discrimination or government contractor status.
Clarifies the standard for what constitutes an “abusive” act or practice.
Introduces a notice and opportunity to cure provision for self-identified potential violations.
Specifies venues for enforcement actions and requires detailed allegations in enforcement actions.
Limits the look-back period for enforcement actions based on consumer compliance ratings.
Exempts small lenders from new data collection and reporting requirements related to small business loans.
Establishes a rulemaking requirement for the BCFP before modifying or deleting collected data to protect privacy interests.
