HR 8857
CPR Fund Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Consumer Protection Relief Fund Act (CPR Fund Act) establishes a fund to help lenders provide credit to vulnerable borrowers struggling financially due to the COVID-19 pandemic. The fund will make payments to lenders holding qualified loans, which are specifically designed to assist borrowers experiencing hardship. These loans must meet certain criteria, such as not including negative amortization or prepayment penalties, and target borrowers with lower incomes or FICO scores. The fund is capped at $9,500 per borrower and includes requirements for lenders to maintain or expand lending activities and avoid negative reporting on borrowers’ credit.
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