H.R. 1151House117th Congress (2021-2023)In Committee

CPR Fund Act

Introduced February 18, 2021

AI-Generated Summary

Updated February 7, 2026 at 10:51 PM UTC

The Consumer Protection Relief Fund Act creates a new Consumer Protection Relief Fund to help lenders extend credit to borrowers who are financially vulnerable because of the COVID‑19 pandemic. The fund provides payments to lenders for qualifying closed‑end installment loans and sets eligibility criteria for borrowers based on income, credit score and pandemic‑related hardship. It targets lenders, borrowers meeting the vulnerable criteria, and the Administrator of the Community Development Financial Institutions Fund.

Key Provisions

  • Creates the Consumer Protection Relief Fund, run by the CDFI Fund Administrator.
  • Provides $10 billion for FY 2021‑2022 to pay lenders for qualified loans and cover program costs.
  • Defines a qualified loan as a closed‑end installment loan to a vulnerable borrower with no negative amortization, interest‑only, balloon, automatic renewal, or pre‑payment penalty.
  • Labels a vulnerable borrower as someone with income ≤80 % of area median, credit score under 675, and meeting certain income or unemployment criteria.
  • Allows payments up to 95 % of principal and accrued interest (the “covered amount”), but no more than $9,500 per borrower.
  • Lenders receiving a payment must pay a 5 % fee, pledge new qualified loans equal to the payment, forgive the remaining balance, stop negative reporting, and offer forbearance or deferral.
  • Stops lenders from selling, transferring, or collecting on a qualified loan unless the borrower is notified of the payment option; this rule ends after the program deadline.

Legislative Activity

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1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

February 18, 2021

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HouseIntro Referral

Introduced in House

February 18, 2021

HouseIntro Referral

Referred to the House Committee on Financial Services.

February 18, 2021

Floor Debate

7 members

What members said about H.R. 1151 on the floor

4 Republicans3 Democrats
Gerald E. Connolly
Rep. Gerald E. ConnollyD-VA-11 · Apr 27, 2022

Mr. Speaker, I move to suspend the rules and pass the bill (S. 812) to direct the Secretary of State to develop a strategy to regain observer status for Taiwan in the World Health Organization, and…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Apr 27, 2022

Mr. Speaker, I rise in strong support of S. 812, a bill to direct the Secretary of State to develop a strategy to regain observer status for Taiwan in the World Health Organization (WHO), and for…

Daniel Meuser
Rep. Daniel MeuserR-PA-9 · Apr 27, 2022

Mr. Speaker, I yield myself such time as I may consume. I rise in support of S. 812, directing the Secretary of State to develop a strategy to regain observer status for Taiwan in the World Health…

Christopher H. Smith
Rep. Christopher H. SmithR-NJ-4 · Apr 27, 2022

Mr. Speaker, I support S. 812, which came to us from the Senate, and which calls for the Administration to develop a strategy for Taiwan to regain observer status at the World Health Organization. As…

Young Kim
Rep. Young KimR-CA-39 · Apr 27, 2022

Mr. Speaker, I thank Representative Meuser for yielding, and I thank Representative Connolly, Chairman Meeks, and Ranking Member McCaul for their leadership on this very important issue. I rise in…

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Brian Schatz
Sen. Brian SchatzD-HI · Aug 5, 2021

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 110, S. 812. I ask unanimous consent that the bill be considered read a third time and…

Russ Fulcher
Rep. Russ FulcherR-ID-1 · Apr 27, 2022

Mr. Speaker, on that I demand the yeas and nays.

Bill Text

Latest available legislative text

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Introduced in HouseIssued February 18, 2021

I

117th CONGRESS

1st Session

H. R. 1151

IN THE HOUSE OF REPRESENTATIVES

February 18, 2021

Mr. Lynch introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To establish a Consumer Protection Relief Fund to empower lenders to deploy credit to vulnerable borrowers needing access to credit as a result of the COVID–19 pandemic.

1.

Short title

This Act may be cited as the Consumer Protection Relief Fund Act or the CPR Fund Act.

2.

Definitions

In this Act:

(1)

Administrator

The term Administrator means the Administrator of the CDFI Fund.

(2)

CDFI Fund

The term CDFI Fund means the Community Development Financial Institutions Fund.

(3)

Closed-end installment loan

The term closed-end installment loan

(A)

means a loan—

(i)

extended at a set amount; and

(ii)

repaid by the borrower with a fixed amount over a limited number of payment periods; and

(B)

does not include a student, auto, or mortgage loan.

(4)

Fund

The term Fund means the Consumer Protection Relief Fund established under section 3.

(5)

Covered amount

(A)

In general

With respect to a qualified loan, the term covered amount means—

(i)

95 percent of the outstanding principal balance and accrued interest on the loan (not including any late payment or other fees charged to the loan), minus

(ii)

any previously charged fees above 36 percent of the annual percentage rate.

(B)

Calculation of APR

For purposes of subparagraph (A), the annual percentage rate shall be calculated using the method provided under section 232.4(c) of title 32, Code of Federal Regulations, for the calculation of the military annual percentage rate.

(6)

Qualified loan

The term qualified loan means an extension of a closed-end installment loan—

(A)

to a vulnerable borrower;

(B)

with respect to which the borrower has made an attestation to the holder of the loan that the borrower is experiencing financial difficulty in repaying the loan due to the impact of COVID–19; and

(C)

under which the loan terms—

(i)

do not contain negative amortization, interest-only payments, or balloon payments;

(ii)

do not provide for an automatic renewal; and

(iii)

do not contain a prepayment penalty.

(7)

Vulnerable borrower

The term vulnerable borrower means a consumer who—

(A)

has an income that is 80 percent or less of the median income for the area in which the consumer lives;

(B)

has—

(i)

a FICO score under 675;

(ii)

an adjusted gross income of—

(I)

$75,000, or less, in the case of an individual tax return filer;

(II)

$150,000, or less, in the case of a joint return filer; or

(III)

$112,500, or less, in the case of an individual filing as a head of household;

(C)

attests to the holder of a qualified loan that the consumer is unemployed; or

(D)

is a seasonal or temporary worker.

3.

CPR Fund

(a)

Establishment

There is established the Consumer Protection Relief Fund, which shall be used by the Administrator to make payments to holders of qualified loans under section 4.

(b)

Use of outside entities

In carrying out this Act, the Administrator may—

(1)

consult with other agencies of the Federal Government; and

(2)

enter into contracts with private sector entities, at reasonable or market rates.

(c)

Rulemaking

The Administrator shall issue such rules as may be necessary to carry out this Act.

(d)

Funding

(1)

Appropriation

There is appropriated to the Fund, out of any amounts in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2021, to remain available until September 30, 2022, $10,000,000,000 for the cost of making payments to holders of qualified loans under this Act and the cost of administering this Act.

(2)

Use of funds after the program

(A)

In general

Any amounts appropriated under paragraph (1) that have not been obligated by the date described under subparagraph (B) shall be transferred to the CDFI Fund and used by the Administrator to—

(i)

extend or promote access to responsible lending;

(ii)

develop technology resources;

(iii)

hire necessary staff; or

(iv)

extend credit to community development financial institutions.

(B)

Date

The date described in this subparagraph is the later of—

(i)

December 31, 2021; and

(ii)

the date on which the Administrator determines that the national unemployment rate has been 8 percent or less for a period of 90 days.

4.

Payments with respect to qualified loans

(a)

In general

The Administrator shall make payments to holders of qualified loans—

(1)

upon submission of the qualified loans to the Administrator; and

(2)

after the Administrator determines such loans are compliant with this Act.

(b)

Limitations on amount

(1)

Maximum amount

The amount of a payment described under subsection (a) shall not exceed the covered amount.

(2)

Aggregate limitation per individual

The aggregate amount of payments made under this Act with respect to a single vulnerable borrower may not exceed $9,500.

(c)

Requirements on holders of qualified loans

(1)

Administrator fee

With respect to any payments to holders of a qualified loan under this Act, the Administrator shall charge the holders of the loan a fee equal to 5 percent of the outstanding principal and interest due on the loan at the time the payment is made.

(2)

Requirements before payment

No person may receive a payment under this Act with respect to a qualified loan unless they comply with the following:

(A)

At the time of the payment, the person commits to issuing or purchasing other qualified loans in an amount that is at least equal in value to the amount of such payment received.

(B)

The person forgives the remaining balance on the loan, along with any late fees or other fees related to the loan.

(C)

The person terminates any negative reporting to consumer reporting agencies with respect to the loan.

(D)

With respect to the borrower of the qualified loan, if the borrower applies for an extension of credit in the future, the person shall not take the borrower’s performance on the qualified loan into consideration for purposes of performing underwriting for such application.

(E)

The person provides for either forbearance or deferral options for distressed borrowers.

5.

Notification to borrower before certain transfers of or collections on a qualified loan

(a)

In general

With respect to any qualified loan (regardless of whether a payment is made with respect to the qualified loan under this Act), the holder of the qualified loan may not sell or otherwise transfer the loan, or attempt to collect on the loan if it is in default or delinquency, unless the holder has notified the borrower of the possibility of a payment under this Act.

(b)

Termination

This section shall have no force or effect after the date described under section 3(d)(2)(B).