summary
Introduced
03/04/2015
03/04/2015
In Committee
03/26/2015
03/26/2015
Crossed Over
04/14/2015
04/14/2015
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Helping Expand Lending Practices in Rural Communities Act (Sec. 2) Directs the Consumer Financial Protection Bureau (CFPB) to establish an application process under which a person who lives or does business in a state may apply to have an area in the state identified as a rural area if it has not yet been so designated by the CFPB for purposes of federal consumer financial law. Prescribes criteria for the CFPB to consider when evaluating the application. Requires the CFPB to: (1) grant or deny the application within 90 days after the public comment period ends; and (2) publish the grant or denial in the Federal Register, including an explanation of the factors upon which the CFPB relied in making its determination. Sunsets this Act two years after its enactment.
AI Summary
This bill, titled the Helping Expand Lending Practices in Rural Communities Act, establishes a process for individuals or businesses to request that a specific area be officially recognized as "rural" for the purposes of federal consumer financial laws, even if it hasn't been designated as such by the Consumer Financial Protection Bureau (CFPB) already. The CFPB, a government agency that oversees consumer financial products and services, will review these applications, considering factors like Census Bureau classifications, Office of Management and Budget designations, and Department of Agriculture criteria, among others. After a public comment period, the CFPB must decide whether to grant or deny the application within 90 days and publish its decision with an explanation in the Federal Register. This provision is temporary and will expire two years after the bill becomes law.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 04/14/2015)
Official Document
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