Page 10 - CIADA-Q3Fall2021

to states, to debt buyers, and to businesses CFPB ACCOUNTING STANDARDS
engaged in non-judicial foreclosures. It also STUDY
prohibits certain loan conditions that limits
a borrower’s opportunity to be heard in No current action. Last Congress, no REMEMBER
court in the event of default. Additionally, action on introduced bills; administrative
the bill restricts debt collectors and debt action pending. Senator Thom Tillis (R-
collection practices by prohibiting a debt NC) introduced S.1564, the “Continued TO
collector from representing to a service Encouragement for Consumer Lending
member that failure to cooperate with a Act.” Congressman Vicente Gonzalez FALL BACK
debt collector will result in a reduction of (D-TX-15) introduced H.R. 3182. Both
rank or similar action, and limiting a debt bills would require the CFPB and other
collector’s electronic communications with agencies to carry out a one-year study Daylight Savings
a debtor without the debtor’s permission. relating to accounting standards, focusing
To date, no action by the Senate. on the impact on credit availability, Time ends soon!
regulatory capital, financial institutions, The time change
H.R. 166, FAIR LENDING FOR ALL ACT investor decisions, and U.S. institutions.
Further congressional action unclear given will happen at
Ordered reported by the Financial Services November 2019 directive by the Financial
Committee on May 12 by a vote of 28-24. Accounting Standards Board to delay 2 a.m. on
Introduced by Congressman Al Green (D- implementation of the new standards. Sunday, Nov. 7.
TX-9) on Jan. 4. The bill modifies provisions
related to prohibited credit discrimination. CFPB EXECUTIVE DIRECTOR
The bill adds sexual orientation, gender
identity, and an applicant’s location based Confirmation of Rohit Chopra, Executive
on zip code or census tract as classes Director nominee, is controversial given
protected against discrimination with his past involvement with the CFPB and
respect to credit transactions. (Currently, his anti-business statements. On March 10,
discrimination is prohibited on the basis the Senate Banking Committee, by a vote of
of race, color, religion, national origin, sex, 12-12, recommended to the full Senate the
marital status, age, or because an applicant nomination of Chopra as the next executive
receives public assistance.) The bill director. A March 2 hearing was held on the
establishes criminal penalties for violations nomination.
of prohibited credit discrimination. The
Consumer Financial Protection Bureau MILITARY LENDING
is required to review loan applications for
compliance with specified consumer laws On June 30, the Department of Defense
and to establish an Office of Fair Lending submitted a report pursuant to the FY21
Testing. National Defense Authorization Act on a
Military Annual Percentage Rate (MAPR)
FAIR ACT (FORCED ARBITRATION lower than 30% and its impact on military
INJUSTICE REPEAL AC) readiness and service member retention.
The report concluded, in part, that while
On February 11 Congressman Henry DOD takes no position on the merits of
Johnson (D-GA-4) introduced as H.R. 963 lowering the MAPR limit at this time, it
(196) cosponsors now) the same bill that he is committed to continue working with
introduced last Congress, H.R. 1423, and that Congress to support the financial readiness
passed the House. That bill would prohibit of service members and their families and
a pre-dispute arbitration agreement is willing to provide comment on any such
from being valid or enforceable if it proposal when appropriate.
requires arbitration of an employment,
consumer, antitrust, or civil rights dispute. MINIMUM WAGE
Also last Congress, Senator Blumenthal
introduced S.610, a companion bill. No See Bill Tracking section. Last Congress,
Senate action last Congress on either the House passed H.R. 582, “Raise the Wage
the House-passed bill or the Blumenthal Act,” that would raise the federal hourly
introduced bill. minimum to $15 by 2024 (with yearly

9 | FRONT LINE | CIADA.ORG Q3 2021