Political Quotes

“I reserve the balance of my time. Mr. McHENRY. Madam Speaker, I yield myself the balance of my time. The true lender rule specifies that when a bank makes a loan, the bank is the true lender. The rule clarifies what was uncertain and, therefore, made those loans more expensive. This gives certainty to the marketplace. It is a good thing. The true lender rule is a good thing. Under the true lender rule, we have fintechs that have been enabled to make loans in coordination with banks and regulated like the people that they work with, like the banks that they work with, which means the loans fall under Federal consumer protection laws, under Federal usury laws, under Federal laws. One case in point, what the true lender rule enabled was one out of four African American-owned businesses accessing credit through fintechs. I would ask Members to review a few pieces of evidence that I have here. Madam Speaker, I would refer the Members to a study conducted by NYU highlighting the important role that fintechs play in supporting African American-owned small businesses. I would also refer the Members to letters in opposition to S.J. Res.…”