WASHINGTON, D.C. – On Friday, September 28, at approximately 9 a.m. ET, the Center for Responsible Lending’s (CRL) Director of Federal Advocacy, Scott Astrada, will testify before the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee for a hearing entitled: Examining Opportunities for Financial Markets in the Digital Era. In the hearing, the committee and its witnesses will discuss a recent U.S. Department of Treasury report on financial technology (fintech), which was released in July.
CRL has heavily criticized the Treasury report because of its broad calling to deregulate nonbank lenders, including fintech firms. Specifically, the report endorses the repeal of the Consumer Financial Protection Bureau’s (CFPB) Payday Rule, the creation of special federal bank charters for fintech firms, regulatory "sandboxes" that exempt startups from certain consumer protection laws, and federal preemption of state consumer protection laws. These recommendations fly in the face of a poll released earlier this summer showing the majority of voters in all political camps want strong consumer protections for payday loans and other financial products.
Please contact firstname.lastname@example.org if you’d like to speak with a CRL representative before the hearing.
- Washington, D.C. – Friday, September 28
- Who: Scott Astrada, CRL Federal Advocacy Director
Members of the Subcommittee
- What: Hearing on U.S. Treasury Department’s 2018 Fintech Report
- Time: Approximately 9 a.m. ET
- Where: 2128 Rayburn House Office Building, Washington, DC 20515 or via live stream at: http://financialservices.house.gov/