Bill Summary & Status for the 107th Congress

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H.R.1053
Title: To amend the Equal Credit Opportunity Act and the Home Mortgage Disclosure Act of 1975 to reduce the disparate impact of predatory lending on minorities, and for other purposes.
Sponsor: Rep LaFalce, John J. [NY-29] (introduced 3/15/2001)      Cosponsors: 14
Latest Major Action: 4/2/2001 Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions)
3/15/2001:
Referred to the House Committee on Financial Services.
4/2/2001:
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(14), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Bonior, David E. - 3/7/2002 [MI-10] Rep Capuano, Michael E. - 3/15/2001 [MA-8]
Rep Clay, Wm. Lacy - 3/15/2001 [MO-1] Rep Davis, Danny K. - 4/3/2001 [IL-7]
Rep Gutierrez, Luis V. - 3/15/2001 [IL-4] Rep Hinchey, Maurice D. - 3/15/2001 [NY-26]
Rep Jones, Stephanie Tubbs - 3/15/2001 [OH-11] Rep Kucinich, Dennis J. - 6/6/2001 [OH-10]
Rep Lee, Barbara - 3/15/2001 [CA-9] Rep Maloney, Carolyn B. - 4/24/2001 [NY-14]
Rep Miller, George - 4/24/2001 [CA-7] Rep Price, David E. - 2/14/2002 [NC-4]
Rep Rush, Bobby L. - 4/24/2001 [IL-1] Rep Schakowsky, Janice D. - 3/15/2001 [IL-9]

SUMMARY AS OF:
3/15/2001--Introduced.

Equal Credit Enhancement and Neighborhood Protection Act of 2001- Amends the Equal Credit Opportunity Act to make it unlawful for a creditor to: (1) not provide an applicant with the most favorable credit terms it or an affiliate has available; and (2) adversely target an applicant on the basis of race, color, religion, national origin sex, age, or marital status, with respect to a high cost mortgage.

Provides punitive damages for reverse redlining.

Applies the provisions of such Act to preapproval requests.

Amends the Home Mortgage Disclosure Act of 1975 to set forth additional disclosure requirements, including the requirement of a depository institution to identify any parent or affiliate company that makes or finances mortgage loans.

Directs the Secretary of Housing and Urban Development to enforce compliance, including imposition of civil money penalties, with respect to mortgage lenders not affiliated with depository institutions. Sets forth related agency procedures, including judicial review of agency-imposed penalties.

Provides for an alternative State enforcement action.