July 27, 2017 – U.S. Sens. Mark Warner (D-VA), Patrick Toomey (R-PA), Gary Peters (D-MI) and Steve Daines (R-MT) today introduced the Protecting Consumers’ Access to Credit Act of 2017, which restores consistency in lending laws across state lines. Senator Warner’s legislation is identical to House legislation introduced last week by Rep. Patrick McHenry (R-NC). FIN supports introduction of both bills.
The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:
“FIN applauds Senators Warner, Toomey, Peters, and Daines for introducing the Protecting Consumers’ Access to Credit Act of 2017. This legislation will restore consistency to the application of lending rules across state lines and ensure that certain fintech business models can continue to partner with regulated banks to expand access to credit nationwide. FIN thanks these Senators for their bipartisan leadership and efforts to advance the use of technology in financial services.”