New rules would address unauthorized bank withdrawals and certain small loan practices.
This bill, called the SAFE Lending Act, would increase consumer control over their financial transactions. It would stop unauthorized checks from being drawn from bank accounts and add protections for small loans and prepaid cards. These changes aim to reduce risks in borrowing and managing money for consumers.
Today, companies can sometimes create checks from your bank account without your direct written permission to your bank. Also, small loans made online don't always have to follow your state's consumer protection laws, and prepaid accounts can charge overdraft fees. If this bill becomes law, you would have to give your bank written permission for certain checks to be created. Online small loans up to $5,000 would need to follow your state's laws. Prepaid accounts would also no longer have overdraft fees.
HR 1658 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10
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