Fair Lending for All: New Rules and Consumer Protection
This act aims to ensure everyone has equal access to credit, regardless of background or location. It introduces new tools to detect credit discrimination and increases penalties for such practices, protecting citizens from unfair treatment by banks and financial institutions. This means greater transparency and security in the loan application process.
Key points
A new office will be established to test compliance with fair lending laws, aiming to prevent discrimination in credit decisions.
The list of prohibited discrimination grounds in credit has been expanded to include ZIP code, sexual orientation, and gender identity.
Stricter penalties, including imprisonment, are introduced for knowing and willful violations of equal credit opportunity laws.
Financial institutions will be required to collect more data on loan applicants to better monitor and detect potential discrimination.
Introduced
Citizen Poll