SAFE BANKING ACT PASSES HOUSE
The U.S. House of Representatives passed the H.R 1996 – Secure and Fair Enforcement (SAFE) Banking Act of 2021, with overwhelming bipartisan support on a 321- 101 vote, including 106 Republicans.
Sponsored by Representatives Ed Perlmutter (D-CO), Nydia Velázquez (D-NY), Steve Stivers (R-OH), and Warren Davidson (R-OH), the SAFE Banking Act includes language to finally end Operation Choke Point by prohibiting a federal regulator from ordering a bank to terminate a banking relationship with a legal business unless there is a valid reason, which is not based solely on reputational risk.
During the debate of the SAFE Banking Act on the House floor, Congressman Ed Perlmutter, the bill’s lead author, acknowledged (timestamp 1:25:18) AFSA’s endorsement and submitted AFSA’s March letter of support into the official record.
AFSA thanks all the Members of Congress for their support to help pass the SAFE Banking Act and end federal initiatives that jeopardize legitimate bank customers, like traditional installment lenders, which have provided safe and affordable small-dollar credit to consumers in their communities for over a century.
Senators Jeff Markley (D-OR) and Steve Daines (R-MT) have introduced a bipartisan companion bill (S. 910) that currently has 32 cosponsors.
April 20th, 2021 by Dan Bucherer