Federal Payday Loan Consumer Protection Amendments of 2006

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Congressional Research Service

Official summary

Version 00 · Introduced in House · May 10, 2006

Federal Payday Loan Consumer Protection Amendments of 2006 - Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making any payday loan, either directly or indirectly; or (2) making any loan to any other lender for purposes of financing, refinancing, or extending any payday loan.

Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.

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People & committees

Who introduced it

Rep. Udall, Tom [D-NM-3] · D–NM

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

May 22, 2006
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
May 10, 2006
Referred to the House Committee on Financial Services.
May 10, 2006
Sponsor introductory remarks on measure. (CR E788)
May 10, 2006
Introduced in House
May 10, 2006
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · May 10, 2006 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 15, 2025. Consult Congress.gov for the current record.

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Objective

Analyze H.R.5350 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.5350, 109th Congress: Federal Payday Loan Consumer Protection Amendments of 2006

Official record: https://www.congress.gov/bill/109th-congress/house-bill/5350

Text version to examine: Introduced in House · 2006-05-10.

Official full text: https://www.congress.gov/109/bills/hr5350/BILLS-109hr5350ih.htm

Imported record last updated by the source: 2025-08-15T17:57:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.5350 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.5350 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.5350, 109th Congress: Federal Payday Loan Consumer Protection Amendments of 2006

Official record: https://www.congress.gov/bill/109th-congress/house-bill/5350

Text version to examine: Introduced in House · 2006-05-10.

Official full text: https://www.congress.gov/109/bills/hr5350/BILLS-109hr5350ih.htm

Imported record last updated by the source: 2025-08-15T17:57:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5350 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.5350 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.5350, 109th Congress: Federal Payday Loan Consumer Protection Amendments of 2006

Official record: https://www.congress.gov/bill/109th-congress/house-bill/5350

Text version to examine: Introduced in House · 2006-05-10.

Official full text: https://www.congress.gov/109/bills/hr5350/BILLS-109hr5350ih.htm

Imported record last updated by the source: 2025-08-15T17:57:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5350 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.5350 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.5350, 109th Congress: Federal Payday Loan Consumer Protection Amendments of 2006

Official record: https://www.congress.gov/bill/109th-congress/house-bill/5350

Text version to examine: Introduced in House · 2006-05-10.

Official full text: https://www.congress.gov/109/bills/hr5350/BILLS-109hr5350ih.htm

Imported record last updated by the source: 2025-08-15T17:57:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5350 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.