Political Quotes

“The bill we are considering today is made of six extremely partisan pieces of legislation. This package will not receive substantial bipartisan support and is dead on arrival in the Senate. Unfortunately, instead of working in a bipartisan manner to improve credit reporting for consumers, the majority has chosen to advance legislation that simply attacks an industry, to the consumers' detriment. I think the ranking member made a number of points a while ago with regard to the willingness of the minority to advance a lot of different solutions to some of the concerns that we all have, yet they were not heard. Each piece of legislation in this package has one of two goals--the first goal is to expand the authority of the CFPB over credit modeling; the second is to eliminate as much information from the credit report as possible--both of which will increase the cost of credit and make it even more difficult for low- and moderate-income families to receive a loan. If the financial institution is unable to analyze a risk, it has to increase the cost to be able to cover the additional risk. It is just that simple. In this Congress, we have had witness after witness come before our committee and praise and support the use of alternative credit modeling. Using alternative data can increase access to credit, particularly for low-income consumers and the underbanked.…”