3.0.0 2760 2023-01-11T13:31:26Z 2023-01-11T13:31:26Z Senate S 2016-04-07 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2016-04-07T17:56:16Z SAFE Lending Act of 2016 114 5023 HR 2016-04-21 Referred to the House Committee on Financial Services. Identical bill CRS 2016-04-07 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1811-1812) IntroReferral 2016-04-07 Introduced in Senate IntroReferral 10000 9 Library of Congress M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR N U000039 Sen. Udall, Tom [D-NM] TOM UDALL D NM 2016-04-07 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2016-04-07 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2016-04-07 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2016-04-07 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2016-04-07 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2016-04-07 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2016-04-07 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2016-04-07 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2016-04-07 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2016-04-07 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2016-04-07 True H001046 Sen. Heinrich, Martin [D-NM] Martin Heinrich D NM T. 2016-04-07 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2016-04-27 False Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Computer security and identity theft Congressional oversight Consumer credit Economic development Fraud offenses and financial crimes Government studies and investigations Indian social and development programs Licensing and registrations Minority and disadvantaged businesses Finance and Financial Sector 00 2016-04-07 Introduced in Senate 2016-06-09T17:02:52Z Stopping Abuse and Fraud in Electronic Lending Act of 2016 or the SAFE Lending Act of 2016

This bill amends the Electronic Fund Transfer Act (EFTA) to declare that a remotely created check may only be issued by a person specifically designated in writing by the consumer to the insured depository institution at which the consumer maintains the account from which the check is drawn.

A remotely created check is a paper or electronic check that:

  • is not created by the financial institution that holds the customer account from which the check is to be paid; and
  • does not bear a signature applied, or purported to be applied, by the account holder.

A consumer may revoke authorization for remotely created checks at any time.

The bill prohibits issuance of any payment order in response to a consumer's exercise of federal consumer financial rights.

Any voluntary electronic fund transfer to repay a small-dollar consumer credit transaction shall be treated as preauthorized under the Truth in Lending Act (TILA).

The TILA is amended to require registration with the Consumer Financial Protection Bureau (CFPB) by any small-dollar lender that facilitates, brokers, arranges, or gathers applications for small-dollar consumer credit (of up to $5,000, adjusted for inflation) extended pursuant to an open-end, non-open-end, or other CFPB-determined credit plan meeting specified criteria.

Small-dollar consumer credit transactions must comply with state law where the consumer resides.

The EFTA is amended to:

  • declare unlawful overdraft fees charged on a general-use prepaid card; and
  • authorize the CFPB to prohibit fees for declined transactions involving such a card.

The TILA is further amended to prohibit a person from certain activities, including distributing sensitive personal financial information, in connection with a small-dollar consumer credit transaction, if that person ("lead generator") does not itself grant the credit directly to the consumer.

The Government Accountability Office (GAO) shall study: (1) the availability of capital on Indian reservations, and (2) the impact on tribal economic opportunity and wealth of small-dollar consumer credit extensions to tribal members through Internet and non-Internet means.

]]> SAFE Lending Act of 2016 Display Title SAFE Lending Act of 2016 Official Title as Introduced A bill to amend the Truth in Lending Act to address certain issues related to the extension of consumer credit, and for other purposes. Introduced in Senate IS Short Titles as Introduced SAFE Lending Act of 2016 Short Titles as Introduced Stopping Abuse and Fraud in Electronic Lending Act of 2016 Introduced in Senate 2016-04-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2760is/xml/BILLS-114s2760is.xml 2016-04-07 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1811-1812) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.