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AFR Statement: Oppose Bills on Credit Scoring, Debt Collection, Fed Supervision

Submitted by on September 8, 2017 – 4:54 pm
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FOR IMMEDIATE RELEASE

Sept. 7, 2017

CONTACT:
Carter Dougherty
carter@ourfinancialsecurity.org
(202) 869-0397

 

Americans for Financial Reform Opposes Bills on Credit Scoring, Debt Collection

The House Financial Services Committee is considering six bills at a hearing today. AFR issued the following statements on four of those bills:

On the FCRA Liability Harmonization Act and the Facilitating Access to Credit Act:

“Credit bureaus exert an enormous influence on the financial lives of Americans,” said Brian Marshall, policy counsel at Americans for Financial Reform. “These bills would ensure the companies get no more than a slap on the wrist even if their mistakes harm people’s credit in ways that do enormous damage, or if the firms sell useless products. Those errors stop people from getting loans, buying a home or car, renting an apartment, or even getting a job. ”

On the Practice of Law Technical Clarification Act:

“Lawyers who work with or on behalf of debt collectors have engaged in some of the most egregious abuses of consumers,” Marshall said. “There is absolutely no reason to let lawyers ignore the law and get away with trying to collect debts people don’t owe or fees they aren’t entitled to.”

On the Systemic Risk Designation Improvement Act:

“This bill would put unprecedented constraints on the ability of the Federal Reserve to regulate some of the largest banks in the country,” said Marcus Stanley, policy director at AFR. “Large regional banks played a major role in the financial crisis and we should not be tying the hands of regulators in their oversight.”