November 15, 2017 – Today the House Financial Services Committee passed, on a bipartisan basis, the Protecting Consumers’ Access to Credit Act of 2017, H.R. 3299, which restores consistency in lending laws across state lines.
The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:
“Today’s bipartisan effort is a strong signal that Congress supports tech and bank partnerships, and FIN applauds the leadership of Chairman Hensarling, Congressmen McHenry and Meeks, and their colleagues on the House Financial Services Committee for their bipartisan support of this important legislation. This legislation will restore consistency to the application of lending rules across state lines and ensure that certain technology company services can continue to partner with banks to expand access to credit nationwide. We urge the full House to take up and pass this legislation expeditiously.”
Similar bipartisan legislation has been introduced by U.S. Senators Warner (D-VA), Toomey (R-PA), Peters (D-MI), and Daines (R-MT). FIN recently joined a broad coalition of industry organizations supporting these bills, including the National Federation of Independent Businesses, Independent Community Bankers of America, Marketplace Lending Association, and the American Bankers Association, which sent the following letter to the bipartisan sponsors of the legislation.