Ted Budd: “I thank the chairman and my friend and colleague from North Carolina, the deputy whip, for his leadership on this very…”

“I thank the chairman and my friend and colleague from North Carolina, the deputy whip, for his leadership on this very important issue. Mr. Speaker, I rise today in strong support of this bipartisan legislation, the Protecting Consumers' Access to Credit Act of 2017. Mr. Speaker, we are on the verge of something special in the financial services space with financial technology opening the industry up to amazing innovation. However, as many of us gathered here today know, the Second Circuit's decision in the Madden v. Midland Funding case has put this innovation and movement in jeopardy. It has done so by undermining a long-held principle which has left fintech lenders and the secondary credit market with issues that need to be addressed. Luckily, Mr. McHenry's legislation provides a much-needed fix to the Second Circuit's decision by codifying the valid-when-made legal doctrine. This common law principle has been around and accepted in the financial services space for some time now. This bill will ensure that innovative lending practices remain intact, allowing creative and innovative sources of capital to reach the consumer and small businesses. This is important because it will help to preserve the relationship between banks and fintech firms. I am thankful this legislation is coming up for a vote today because it is greatly needed and, if enacted, will help our economy continue to grow.…”