Political Quotes

“Just listening to some of this debate, it seems like some folks just want to find a way to vote ``no'' on this bill when there are many reasons to vote ``yes.'' I am pleased to rise today in support of Vice Chairman McHenry's bill, H.R. 3299, the Protecting Consumers' Access to Credit Act of 2017. I also want to commend him for his hard work on this very important issue. Under the valid-when-made doctrine, the interest rate on a loan that complies with Federal law when it is made will remain valid, regardless of whether that loan is transferred to a third party. This is an important principle, and it is essential to maintaining a vibrant secondary market and fostering continued growth in the online lending industry. The Second Circuit's decision in Madden v. Midland, which challenged the valid-when-made doctrine, introduced significant uncertainty and risk, threatening both the secondary market and fintech lending partnerships. This ultimately hurts consumers. At the Financial Services Committee, we have extensively discussed the difficulty that many Americans face in getting credit. Madden v. Midland will only intensify that challenge for families and Main Street businesses as it jeopardizes the ability of banks to sell loans into the secondary market. If banks find it difficult to sell debt to nonbanks, a common and healthy practice, they will be forced to become more restrictive in offering credit, and they may do so at a higher cost.…”