US HB1658

Requires lenders offering small-dollar consumer credit transactions (loans up to $5,000 with repayment terms under 12 months) to register with the Consumer Financial Protection Bureau before extending credit

Restricts remotely created checks by requiring consumers to provide written designation to their bank authorizing specific parties to issue such checks, with consumers retaining the right to revoke authorization at any time

Mandates that small-dollar loans made online, by phone, mail, or through national banks must comply with the consumer protection laws of the state where the borrower resides regarding interest rates, fees, and charges

Prohibits overdraft fees on prepaid accounts and bans lead generation activities that distribute sensitive personal financial information unless the person is directly providing the loan to the consumer

Directs the GAO to study capital availability on Indian Tribe reservations and the impact of small-dollar lending on tribal members, with CFPB required to issue final implementing rules within one year