SFIG Sends Letter in Support of Madden Fix Legislation

SFIG sent a letter in support of H.R. 3299, the Protecting Consumers' Access to Credit Act of 2017 before a Floor vote on Wednesday, February 14th. The bill passed the House by a vote of 245 to 171.

The bill, introduced by Rep. Patrick McHenry (R-NC) and Rep. Gregory Meeks (D-NY), would address ongoing uncertainty around the legal principle of valid-when-made. It does so by codifying in federal law that loans that are originated by a bank that are valid as to their maximum rates of interest under a given State's usury law are not invalidated by a subsequent event, even when the bank has sold, assigned or transferred a loan to a third party.

The legislation would increase the stability in the securitization markets and ensure everyday Americans have access to low cost capital. The bill now awaits consideration by the Senate.

wagers
Terms and Conditions | Privacy Policy