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.

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