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CPR Fund Act

Introduced: February 18, 2021 Introduced by: Lynch, Stephen F. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 18, 2021
Referred to the House Committee on Financial Services.
Feb 18, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Consumer Protection Relief Fund Act or the CPR Fund Act

This bill establishes the Consumer Protection Relief Fund for the purpose of repaying certain loans owed by vulnerable borrowers who are experiencing financial difficulty due to the impact of COVID-19 (i.e., coronavirus disease 2019). To qualify for repayment, the holder of the loan must

  • commit to issuing or purchasing other loans to vulnerable borrowers in an amount at least equal to the payment received,
  • forgive the borrower's remaining loan balance, and
  • terminate any negative reporting to consumer reporting agencies with respect to the borrower's loan.

A loan must be a closed-end installment loan—a loan extended at a set amount and repaid by the borrower with a fixed amount over a limited number of payment periods—to qualify for repayment. However, the bill excludes from eligibility a student, auto, or mortgage loan.

Aggregate payments with respect to a borrower may not exceed $9,500.

What's happening now February 18, 2021

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1