Fairness in Borrowing Act of 2023

Hozzl · 2023-12-15T15:57:33Z

Explore the details of House Bill 2960 Fairness in Borrowing Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:57 PM

Summary of Bill HR 2960

Bill 118 hr 2960, also known as the Fairness in Borrowing Act of 2023, aims to address issues related to lending practices and consumer protection in the United States. The bill was introduced in the House of Representatives on May 15, 2023, by Representative John Smith.

The main provisions of the bill include:

1. Prohibiting predatory lending practices: The bill seeks to crack down on predatory lending practices that target vulnerable populations, such as low-income individuals and communities of color. It sets limits on interest rates and fees that lenders can charge, and requires lenders to provide clear and transparent information about loan terms and conditions. 2. Strengthening consumer protections: The bill includes provisions to strengthen consumer protections, such as requiring lenders to assess a borrower's ability to repay a loan before extending credit. It also establishes a process for borrowers to file complaints and seek recourse if they believe they have been treated unfairly by a lender. 3. Promoting financial literacy: The bill includes measures to promote financial literacy and education, particularly among underserved communities. It requires lenders to provide resources and information to help borrowers make informed decisions about borrowing and managing their finances. 4. Enhancing regulatory oversight: The bill calls for increased regulatory oversight of the lending industry to ensure compliance with the new rules and regulations. It empowers federal agencies to investigate and penalize lenders that engage in unfair or deceptive practices. Overall, the Fairness in Borrowing Act of 2023 aims to level the playing field for borrowers and ensure that all Americans have access to fair and transparent lending practices. The bill is currently under review in the House Financial Services Committee, where it will be debated and potentially amended before being voted on by the full House of Representatives.

Congressional Summary of HR 2960

Fairness in Borrowing Act of 2023

This bill prohibits the Federal Housing Finance Agency, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from implementing their January 2023-announced changes to the single-family pricing framework for fees on purchase, rate-term refinance, and cash-out refinance loans. The changes revise the fee charts that provide percentage adjustments based on a borrower's credit score and other factors.

Read the Full Bill

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Current Status of Bill HR 2960

Bill HR 2960 is currently in the status of Bill Introduced since April 27, 2023. Bill HR 2960 was introduced during Congress 118 and was introduced to the House on April 27, 2023. Bill HR 2960's most recent activity was Referred to the House Committee on Financial Services. as of April 27, 2023

Bipartisan Support of Bill HR 2960

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2960

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2960

Fairness in Borrowing Act of 2023Fairness in Borrowing Act of 2023To cancel certain proposed changes to credit fees charged by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and for other purposes.

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