Political Quotes

“Yes, that is correct. Mr. McHENRY. Madam Chair, I thank the gentlewoman for clarifying. Madam Chair, I would say that having a quarterly requirement for an annual report doesn't seem like the right approach. We currently have an annual report, so what this amendment does is simply say, on a quarterly basis, they must provide an annual report rather than have an actual annual report annually. So this is really about micromanaging the Bureau. The Bureau currently reports on an annual basis, as the Congresswoman from Massachusetts outlined. Moreover, it not only changes that, it also changes what is currently in the middle of a 90-day public comment period, which is the regulations put forward on May 7 by the Bureau on fair debt collection practices. What this amendment does is simply say that, for debt collection purposes, you can't text or email a consumer. That is what this amendment does. That is not modern. That is not the nature of how we communicate with our smartphones in today's environment. What this amendment would do is drive up the cost of healthcare, of collecting on student loans. By not being able to communicate with consumers in a modern way, they will not have the follow-up necessary so that consumers will have some knowledge that perhaps they owe money that they didn't otherwise know about. And simply saying snail mail is the way to go does not seem like what this amendment should be about nor what we should be about as a Congress.…”