Veterans and Consumers Fair Credit Act

This bill would amend the Truth in Lending Act so that the interest rate limits and other lending rules of the Military Lending Act, which now protect service members and their dependents, apply to consumer credit offered to all consumers. Home mortgages, loans secured by the car they are used to buy, and loans from federal credit unions would be excluded. The Consumer Financial Protection Bureau could not grant exemptions and would have to issue rules within one year, working with the Secretary of Defense. State attorneys general and state regulators could sue lenders for violations within 3 years. State laws giving consumers more protection would not be overridden.

Full text and official record on Congress.gov

Sponsors

• Glenn Grothman Republican sponsor
• 1 cosponsors