H.Con.Res. 391: Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

H.Con.Res. 391: Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

110th Congress · introduced 2008-07-17 · Housing and Community Development · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2008-07-17 · official record
Who proposed it: Rep. Clarke, Yvette D. [D-NY-11] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Plain summary

Declares that Congress recognizes that: (1) for most types of subprime mortgages, borrowers of color are more likely to receive higher rate loans; (2) there are many factors that have played roles in making these mortgages more costly to these borrowers; and (3) policymakers should review whether lower cost lenders need additional incentives to help meet the credit needs of communities of color. Encourages: (1) fair pricing of home mortgages based only on legitimate risk factors and facilitates economic progress for all borrowers; and (2) lenders to eliminate discretionary pricing in the subprime mortgage market, and to adopt transparent, market-driven prices for mortgages representing similar risks. Encourages more transparency by: (1) addressing yield-spread premiums in laws designed to protect homeowners from abusive lending practices; (2) prohibiting yield-spread premiums subprime and nontraditional home loans; (3) improving transparency of yield-spread premiums by requiring brokers to explain to applicants what the rate, payment, and fees on the loan could be with and without such premium; (4) following the trends of the securities industry, holding lenders and brokers responsible for providing loans that are suitable for a given borrower; and (5) prohibiting prepayment penalties in subprime loans. Encourages preventing pricing discrimination by requiring subprime lenders to disclose more detailed pricing and underwriting information in their Home Mortgage Disclosure Act data. Encourages: (1) regulators to report annually on the number of fair lending examinations performed and for each examination provide certain publicly available information; and (2) public and private partnerships to ensure that responsible investments are made in underserved communities. Upholds the laws and regulations that prohibit predatory, irresponsible subprime lending and have proven effective in reducing the number of abusive loans while maintaining a vibrant market for subprime home loans. Urges policymakers to: (1) endorse legislation that builds on the proven methods for protecting families from abusive lending while retaining access to subprime credit; and (2) oppose preemption of state and local laws designed to protect homeowners.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

A Yea supports adopting this resolution.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Clarke, Yvette D. [D-NY-11] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Rep. Clarke, Yvette D. [D-NY-11] reported raising $1.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.
Roll-call vote: A vote where each member's position is recorded by name, so the public can see how every member voted. "Yea" means yes, "Nay" means no, "Present" means the member was there but did not take a side.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hconres391.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hconres>

Record fed-us-cong110-hconres391 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110