Jimmy Panetta: “I thank Mr. Lawson, Ms. Pressley, and the ranking member for their work on this bill. I rise to offer an amendment to…”

“I thank Mr. Lawson, Ms. Pressley, and the ranking member for their work on this bill. I rise to offer an amendment to H.R. 3621, the Student Borrower Credit Improvement Act. As we all know, this bill that we are considering today strengthens consumer protections for all Americans by making overdue reforms to credit reporting. Specifically, the Student Borrower Credit Improvement Act gives borrowers facing economic hardship an opportunity to repair their credit profiles and prevent certain prior delinquencies from being reported. These borrowers, who are working to do everything right, deserve that chance to repair their credit scores. But at times, when a borrower experiences sudden economic hardship, it can be nearly impossible to make payments on time. That is why the legislation in front of us allows borrowers to pause their repayments when they demonstrate undue hardship resulting from an unusual extenuating life circumstance. My amendment would include homelessness, as defined by HUD, as an extenuating life circumstance demonstrating a hardship, therefore making them eligible for that type of grace period that this legislation allows. When a borrower experiences homelessness, it is nearly impossible to focus on anything else, and securing a safe place to live becomes a top priority. This amendment would ensure that a borrower who is experiencing homelessness can focus on finding a place to stay without worrying about missing a payment.…”