Providing for Congressional Disapproval of the Rule Submitted By the Office of the Comptroller of Currency Relating to ``National Banks and Federal Savings Associations As Lenders''

Floor Speech

BREAK IN TRANSCRIPT

Mr. MOORE of Utah. Madam Speaker, I rise today to speak in opposition to the CRA before us.

Innovation in our financial industry lifts Americans across all levels of the socioeconomic spectrum. A great example of this has been the emergence of the fintech industry, which has helped more Americans access secure, affordable credit.

Unfortunately, government regulation has stymied innovation as regulatory uncertainties have imposed artificial barriers to our creativity. Recent court rulings have only exacerbated this uncertainty by creating confusion about who the true lender of a loan is when a bank works with a third party.

In 2020, the Office of the Comptroller sought to clarify this uncertainty by finalizing the true lender rule. This rule allowed our local community and regional banks to provide expanded access to banking services and lower the cost of banking to consumers across the Nation. It is that simple.

Commonsense reforms that help banks and the fintech industry do business, in turn, make life easier for families, individuals, and businesses. Unfortunately, my Democrat colleagues are seeking to roll this rule back.

Nullifying the rule will decrease credit accessibility for underserved communities, hurt community banks' ability to utilize new technologies, and dissuade innovation in the financial services sector.

Madam Speaker, I oppose S.J. Res. 15, and I encourage my colleagues to vote ``no.''

BREAK IN TRANSCRIPT

Source