Clarity in Lending Act
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Summary
The Clarity in Lending Act regulates small-dollar credit products (loans or lines of credit of $3,500 or less) by establishing a safe harbor for lenders who comply with specified product structure, underwriting, and disclosure requirements. The bill also amends the Consumer Financial Protection Bureau's authority over unfair, deceptive, or abusive acts and practices by requiring cost-benefit analyses for new rules, defining the term 'abusive,' and limiting the Bureau's authority to address discrimination or acts performed under federal contracts. Additionally, it requires the Bureau to establish policies for assessing civil penalties and exempts small lenders from certain data collection requirements.
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