Bill > HR166

This bill establishes a comprehensive framework to combat credit discrimination and strengthen fair lending protections. The legislation creates an Office of Fair Lending Testing within the Consumer Financial Protection Bureau, which will conduct undercover testing to identify potential violations of the Equal Credit Opportunity Act by using individuals who pose as prospective borrowers. The bill significantly expands protections against discrimination by prohibiting credit decisions based on factors such as race, color, religion, national origin, sex (including sexual orientation and gender identity), marital status, age, ZIP code, census tract, or public assistance income. It introduces criminal penalties for discriminatory lending practices, with fines up to $50,000 and potential imprisonment for individual violations, and more severe penalties (up to $100,000 and 20 years in prison) for systematic discriminatory practices. The bill also empowers the Consumer Financial Protection Bureau to review loan applications and processes, with the authority to prohibit applications that violate fair lending laws. Additionally, the legislation expands mortgage data collection requirements to include more comprehensive demographic information while maintaining privacy protections. These measures aim to create more transparent, equitable lending practices and provide stronger legal recourse for individuals experiencing credit discrimination.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/166/all-info