Bill > HR2672

This bill, titled the Helping Expand Lending Practices in Rural Communities Act, directs the Consumer Financial Protection Bureau (CFPB), a government agency that oversees financial products and services, to create a process for individuals or businesses to apply for an area to be officially recognized as "rural" for the purposes of federal consumer financial laws, even if it hasn't been designated as such by the CFPB already. When considering these applications, the CFPB must take into account various factors, including criteria used by the Census Bureau, the Office of Management and Budget, and the Department of Agriculture for defining rural areas, as well as opinions from state banking supervisors and population density. After an application is submitted, it will be published for public comment for at least 90 days, and the CFPB will then have 90 days after this comment period ends to either approve or deny the application, publishing its decision and the reasoning behind it in the Federal Register. This entire process will only be in effect for two years after the bill becomes law.