Sec. 639.
202 words·~1 min read·
/bill/114/hr/5485/pcs/section-639·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
None of the funds made available by this Act, any other Act, or transferred to the Bureau of Consumer Financial Protection pursuant to section 1017 of the Consumer Financial Protection Act of 2010 may be used to issue or enforce any rule or regulation with respect to payday loans (as described under section 1024(a)(1)(E) of such Act), vehicle title loans, or other similar loans during fiscal year 2017 and the Bureau may not issue or enforce any such rule or regulation after fiscal year 2017 until such time as the Bureau has submitted to Congress a detailed report, after providing for a public comment period of not less than 90 days, that:
(1)analyzes the impact of any such rule or regulation on consumer access to credit, including an analysis of the rule or regulation’s impact on populations that have traditionally had limited access to credit; and
(2)identifies existing alternative credit products that are immediately available to existing users of payday loans, vehicle title loans, or other similar loans at the same credit risk profiles and at sufficient levels to fully replace any anticipated potential reduction in current sources of short-term, small-dollar credit as a result of the rule or regulation.