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US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-538
PROTECTING CONSUMERS' ACCESS TO CREDIT ACT OF
2017
JANUARY 30, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 3299]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3299) to amend the Revised Statutes, the Home Owners'
Loan Act, the Federal Credit Union Act, and the Federal Deposit
Insurance Act to require the rate of interest on certain loans re-
main unchanged after transfer of the loan, and for other purposes,
having considered the same, report favorably thereon without
amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
Introduced on July 19, 2017 by Representative Patrick McHenry,
H.R. 3299, the Protecting Consumers' Access to Credit Act of
2017 clarifies several laws to ensure that bank loans that are
valid as to their maximum rate of interest in accordance with fed-
eral law when made shall remain valid with respect to that rate
regardless of whether a bank has subsequently sold or assigned the
loan to a third party.
BACKGROUND AND NEED FOR LEGISLATION
The 2015 Second Circuit Court of Appeals' opinion in Madden v.
Midland Funding, LLC, (786 F.3d 246 (2015)) held that while the
National Bank Act (NBA) allowed a federally chartered bank to
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