Protect Minority Student Borrowers Act

Bill: 117-hr-6053
Sponsor: full_name: Rep. Vela, Filemon [D-TX-34]
Introduced: 2021-11-18
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-11-18
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-11-18
action_desc: Introduced in House
text: <p><b>Protect Minority Student Borrowers Act</b></p> <p>This bill prohibits discrimination on the basis of a credit applicant's institution of higher education (IHE).</p> <p>Specifically, the bill makes it unlawful for a private educational lender to discriminate against a credit applicant based on the IHE that the applicant plans to attend, currently attends, or previously attended. The Department of Justice may bring a civil action against a private educational lender for violations.</p> <p>The bill also requires the Government Accountability Office to study and report on the extent to which private educational lenders discriminate against applicants who attend minority-serving IHEs.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 6053 IN THE HOUSE OF REPRESENTATIVES November 18, 2021 Mr. Vela introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Equal Credit Opportunity Act to prohibit discrimination based on an applicant’s institution of higher education, and for other purposes.

1. Short title This Act may be cited as the Protect Minority Student Borrowers Act . 2. Scope of prohibition (a) Prohibited discrimination Section 701 of the Equal Credit Opportunity Act ( 15 U.S.C. 1691 ) is amended— (1) by redesignating subsections (b) through (e) as subsections (c) through (f), respectively; and (2) by inserting after subsection (a) the following: (b) (1) It shall be unlawful for any private educational lender to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of the institution of higher education an applicant intends to attend, presently attends, or previously attended, including whether such institution is a minority-serving institution. (2) In this subsection: (A) The term institution of higher education has the meaning given such term in section 101(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1001(a) ). (B) The term minority-serving institution means an institution of higher education described in section 371(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1067q(a) ). (C) The term private educational lender has the meaning given such term in section 140(a) of the Truth In Lending Act ( 15 U.S.C. 1650(a) ). . (b) Civil liability Section 706(g) of the Equal Credit Opportunity Act ( 15 U.S.C. 1691e(g) ) is amended by striking section 701(a) each place it appears and inserting subsection (a) or (b) of section 701 . (c) Conforming amendment Section 603(k) of the Fair Credit Reporting Act ( 15 U.S.C. 1681a(k) ) is amended by striking 701(d)(6) each place it appears and inserting 701(e)(6) . 3. Study and report on lending discrimination (a) Study The Comptroller General of the United States shall conduct a study on— (1) whether private educational lenders (as defined in section 140(a) of the Truth in Lending Act ( 15 U.S.C. 1650(a) )) discriminate against applicants who intend to attend, currently attend, or previously attended minority-serving institutions of higher education (as described in section 371(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1067q(a) )); and (2) the extent of such discrimination, if any. (b) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress a report that contains the results of the study conducted under subsection (a).