Clarity in Consumer Disclosures Act of 2021

Hozzl · 2022-12-30T08:18:22Z

Explore the details of House Bill 6067 Clarity in Consumer Disclosures Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/30/2022, 8:18 AM

Summary of Bill HR 6067

Bill 117 HR 6067, also known as the Clarity in Consumer Disclosures Act of 2021, aims to improve transparency and clarity in consumer disclosures. The bill was introduced in the House of Representatives on March 3, 2021, by Representative Katie Porter.

The main purpose of this bill is to ensure that consumers are provided with clear and easily understandable information when making financial decisions. It requires financial institutions to provide disclosures that are written in plain language and are easy for consumers to understand. This includes information about fees, interest rates, and other important terms and conditions.

The bill also requires that disclosures be provided in a timely manner, so that consumers have the information they need to make informed decisions. Additionally, it mandates that disclosures be prominently displayed and easily accessible to consumers. Overall, the Clarity in Consumer Disclosures Act of 2021 seeks to protect consumers from misleading or confusing information and empower them to make sound financial choices. It is currently being reviewed by the House Committee on Financial Services.

Congressional Summary of HR 6067

Clarity in Consumer Disclosures Act of 2021

This bill requires the Consumer Financial Protection Bureau to issue model forms and model language for use by consumer reporting agencies in satisfying consumer disclosure, authorization, certification, notice, and consent requirements. The model forms and model language must use plain language that is comprehensible to an average reader.

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Current Status of Bill HR 6067

Bill HR 6067 is currently in the status of Bill Introduced since November 23, 2021. Bill HR 6067 was introduced during Congress 117 and was introduced to the House on November 23, 2021. Bill HR 6067's most recent activity was Referred to the House Committee on Financial Services. as of November 23, 2021

Bipartisan Support of Bill HR 6067

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 6067

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 6067

Clarity in Consumer Disclosures Act of 2021

To direct the Bureau of Consumer Financial Protection to issue model forms and model language for certain Fair Credit Reporting Act requirements, and for other purposes.