On June 15th, AFSA sent a Financial Services Floor Package HR 2543 Letter to House Speaker Nancy Pelosi (D-CA) and Republican Leader Kevin McCarthy (R-CA) detailing the association’s position on several proposed amendments to the bills within the legislative package that makes up HR 2543, the Federal Reserve Racial and Economic Equity Act.
AFSA and its members strongly support the ability of all consumers to access safe and regulated credit products that fit their financial needs, regardless of where they live. However, the AFSA missive notes, HR 166, one of the bills included in the HR 2543, “could unnecessarily add confusion by requiring lenders to ask their customers to provide sensitive personal and private information.”
AFSA supports the proposed amendment by Rodney Davis (R-IL) and other Republicans that repeals the Small Business Loan Data Collection requirement under the Equal Credit Opportunity Act. Without this amendment, covered financial institutions would be required to compile, maintain, and report information concerning credit applications made by small businesses, including women-owned, minority-owned businesses. The AFSA letter notes that the collection and maintenance of the data may not even result in useful data for the CFPB.
AFSA also notes concern for an Ayanna Pressley (D-MA) amendment that requires creditors to have an American Sign Language interpreter. AFSA supports the amendment’s overall intent to provide clear communications for all consumers. However, as drafted, the amendment’s scope raises potential compliance issues for financial services providers, especially for small financial institutions located in rural areas.
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