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Amends the Equal Credit Opportunity Act by inserting a new section 706A (Criminal penalties) after section 706 and updates the Act's table of contents to include the new section.
Amends 12 U.S.C. 2803(b)(4) to replace the enumerated list of demographic/geographic data to be collected and amends 12 U.S.C. 2803(h)(3)(A) to insert a new clause authorizing disclosure of ZIP Code, census tract, and other categories from subsection (b)(4) as determined necessary by the Bureau; also adjusts punctuation/numbering by striking a terminal 'and' in clause (i) and redesignating the prior clause (ii) as clause (iii).
Adds a new section (numbered 1038) to Subtitle C of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5531 et seq.) establishing a requirement that the Bureau review loan applications and application-taking processes used by covered persons for compliance with the Equal Credit Opportunity Act and other Federal consumer financial laws, and to prohibit and take enforcement actions if violations are found.
Adds reporting requirements to 15 U.S.C. 1691f: the Bureau’s annual report must include analysis of testing conducted under section 2 of the Fair Lending for All Act, and both the Bureau’s and the Attorney General’s reports must include a summary of criminal enforcement actions taken under section 706A.
Creates a new fair‑lending testing office at the consumer protection bureau, expands anti‑discrimination rules in credit to cover sexual orientation, gender identity, and geography (ZIP code or census tract), and adds criminal penalties for willful violations. It also requires the bureau to review lenders’ loan applications and processes for compliance and to block those that violate the law. Mortgage data reporting is broadened to include ZIP code and detailed demographic information, with updated privacy rules letting the bureau decide when these fields are necessary. The bill strengthens enforcement by requiring referrals to the Attorney General and making certain executives and directors personally liable for patterns of illegal discrimination.
Establish an Office of Fair Lending Testing within the Bureau of Consumer Financial Protection.
Create a Director for the Office who is appointed to a 5-year term by, and reports to, the Director of the Bureau of Consumer Financial Protection.
Give the Office Director authority to appoint and set compensation for the employees necessary to carry out the Office’s duties.
Require the Office Director to provide an estimated annual budget to the Director of the Bureau of Consumer Financial Protection.
Make the Director position a career position within the civil service (civil service position).
Expand sections to see detailed analysis
Referred to the House Committee on Financial Services.
Introduced January 3, 2025 by Al Green · Last progress January 3, 2025
Referred to the House Committee on Financial Services.
Introduced in House