We have received text from S. 3793: Predatory Lending Elimination Act. This bill was received on 2026-02-05, and currently has 15 cosponsors.
Here is a short summary of the bill:
The Proposed Predatory Lending Elimination Act is designed to amend the Truth in Lending Act by extending consumer credit protections that are currently available to members of the Armed Forces and their dependents to all consumers. The bill introduces several key provisions aimed at limiting predatory lending practices and establishing maximum interest rates for consumer credit. Below are the main components of the bill:
Limitations on Consumer Credit and Interest Rates
The bill amends Chapter 2 of the Truth in Lending Act to include:
- Application of Existing Protections: The provisions of the Military Lending Act, which impose certain limits on interest rates and loan fees for military personnel, will now apply to all consumers, unless specified exceptions are met.
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Exceptions:
The military protections will not apply to:
- Residential mortgages
- Auto loans made for purchasing cars, under specific financing conditions
- Loans from Federal credit unions, which will follow their own interest rate regulations
Regulatory Oversight
The bill reinforces the authority of the Consumer Financial Protection Bureau (CFPB) regarding enforcement and regulation. It prohibits exemptions that may reduce consumer protections:
- No Exemptions: The Bureau's authority to grant exemptions under current law will not apply in this context.
- Annual Percentage Rate Calculation: Specific guidelines are provided for calculating the annual percentage rate (APR) for open-end credit plans, including credit cards. Certain fees will not count towards the APR under specific conditions.
State Law and Enforcement
The bill emphasizes state enforcement of these protections:
- State Attorneys General Rights: State attorneys general will retain the right to bring civil actions to enforce these new regulations and to secure remedies for violations.
- State Regulators Authority: State regulators can take action against violations, reinforcing state-level enforcement capabilities.
Regulatory Framework and Implementation
The bill requires the CFPB to issue rules for implementing these changes within one year of enactment. These rules must align with the protections provided in the Military Lending Act and cannot offer lesser protections to consumers.
Applicability of Provisions
The new provisions will apply to any extensions of credit made after the completion of the CFPB’s rules or 18 months after the enactment of this Act, whichever comes first.
Penalties for Violations
Creditor violations of these new provisions will incur penalties similar to those outlined for military-related consumers, enhancing the overall consequences for predatory practices.
Relevant Companies
- JPM - JPMorgan Chase & Co.: As a major provider of consumer loans, the company may need to adjust its lending practices and interest rates in response to the regulation changes.
- GS - The Goldman Sachs Group, Inc.: As a significant player in consumer finance, Goldman Sachs would be impacted by the extended credit protections, potentially altering their lending standards and fees.
- C - Citigroup Inc.: Citigroup's consumer credit products will be subject to the new interest rate and lending restrictions, likely affecting their portfolio management and pricing strategies.
Senator Jack Reed Bill Proposals
Here are some bills which have recently been proposed by Senator Jack Reed:
- S.3793: Predatory Lending Elimination Act
- S.3777: Rebuild America’s Schools Act of 2026
- S.3754: Affordable Housing and Homeownership Protection Act of 2026
- S.3753: Preserving Homes and Communities Act of 2026
- S.3561: Buy Now, Pay Later Protection Act of 2025
- S.3403: Building Resilience and Stronger Communities Act
You can track bills proposed by Senator Jack Reed on Quiver Quantitative's politician page for Reed.
Senator Jack Reed Net Worth
Quiver Quantitative estimates that Senator Jack Reed is worth $349.0K, as of February 21st, 2026. This is the 421st highest net worth in Congress, per our live estimates.
Reed has approximately $292.5K invested in publicly traded assets which Quiver is able to track live.
You can track Senator Jack Reed's net worth on Quiver Quantitative's politician page for Reed.
Senator Jack Reed Stock Trading
We have data on up to $3.7M of trades from Senator Jack Reed, which we parsed from STOCK Act filings. Some of the largest trades include:
- A February 28th, 2019 sale of up to $50K of $SYK. The stock has risen 101.7% since then.
- A February 28th, 2019 sale of up to $50K of $AAPL. The stock has risen 511.22% since then.
- A February 28th, 2019 sale of up to $50K of $QCOM. The stock has risen 167.62% since then.
- A February 28th, 2019 sale of up to $50K of $XLNX. The stock has risen 55.56% since then.
- A March 9th, 2018 sale of up to $15K of $VRTX. The stock has risen 170.57% since then.
You can track Senator Jack Reed's stock trading on Quiver Quantitative's politician page for Reed.
2026 Rhode Island US Senate Election
There has been approximately $6,010,601 of spending in Rhode Island US Senate elections over the last two years, per our estimates.
Approximately $727,647 of this has been from outside spending by PACs and Super PACs.
The rating for this race is currently "Solid D".
You can track this election on our matchup page for the 2026 Rhode Island US Senate election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
