SAFE Lending Act of 2024

The SAFE Lending Act of 2024 aims to protect consumers in small-dollar lending by implementing several key protections. It prohibits financial institutions from creating checks without a consumer's written authorization, requires small-dollar lenders (those offering credit under $5,000, adjusted annually for inflation) to register with the Consumer Financial Protection Bureau, and bans certain fees for prepaid accounts like overdraft charges. The bill also restricts how sensitive financial information can be collected for small-dollar credit applications, requiring transparency and direct provision of credit by the entity collecting the information. Additionally, it mandates a study on small-dollar credit's impact on Native American tribes and requires the Bureau of Consumer Financial Protection to issue implementing rules within one year.