Political Quotes

“It is interesting being able to listen to this debate. The common ground is we want to be able to have consumers have access to capital, and we also want responsible lending. We now need to reset this debate to the reality that is being faced on the ground. In an already challenging loan environment for many banks nationwide, the Madden v. Midland decision has further limited the ability of national banks to be able to issue credit. Because of the court's decision not to apply the valid-when-made doctrine to its decision, which would have preserved lawful interest rates originated by a bank for nonbanks and third parties, access to credit and risk mitigation tools have been placed into jeopardy. The legal uncertainty resulting from the Madden decision has led to a reduction in responsible and affordable lending, and has limited consumers' access to better and cheaper choices. Fortunately, the vice chairman's legislation, the Protecting Consumers' Access to Credit Act of 2017, would reassert the valid-when- made principle, to ensure that a loan that is valid at its inception cannot become invalid or unenforceable upon a subsequent transfer to another person or party. This legislation promotes healthy financial markets and would help improve the often-limiting loan environment facing banks nationwide. This measure is important for our families and small businesses, for whom access to credit is critical to success.…”