[House Report 118-787]
[From the U.S. Government Publishing Office]
118th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 118-787
======================================================================
EARNED WAGE ACCESS CONSUMER PROTECTION ACT
_______
December 3, 2024.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Mr. McHenry, from the Committee on Financial Services, submitted the
following
R E P O R T
together with
MINORITY VIEWS
[To accompany H.R. 7428]
The Committee on Financial Services, to whom was referred
the bill (H.R. 7428) to regulate the business of offering and
providing earned wage access services to consumers, and for
other purposes, having considered the same, reports favorably
thereon with an amendment and recommends that the bill as
amended do pass.
CONTENTS
Purpose and Summary.............................................. 4
Background and Need for Legislation.............................. 5
Related Hearings................................................. 6
Committee Consideration.......................................... 7
Committee Votes.................................................. 7
Committee Oversight Findings..................................... 10
Performance Goals and Objectives................................. 10
Congressional Budget Office Estimates............................ 10
New Budget Authority, Entitlement Authority, and Tax Expenditures 10
Federal Mandates Statement....................................... 10
Advisory Committee Statement..................................... 10
Applicability to Legislative Branch.............................. 10
Earmark Identification........................................... 10
Duplication of Federal Programs.................................. 11
Section-by-Section Analysis of the Legislation................... 11
Changes in Existing Law Made by the Bill, as Reported............ 11
Minority Views................................................... 21
The amendment is as follows:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Earned Wage Access Consumer Protection
Act''.
SEC. 2. EARNED WAGE ACCESS SERVICES.
(a) Provision of Earned Wage Access Services.--
(1) No-cost option required.--If an earned wage access
provider offers a consumer the option to receive earned wages
in exchange for a fee, such earned wage access provider shall
also offer such consumer the option to obtain the same amount
of earned wages at no cost to the consumer.
(2) Required disclosures.--
(A) Disclosures preceding agreement.--Each earned
wage access provider shall disclose the following
before entering into an agreement with a consumer:
(i) Any limits on the amount of earned wages
a customer may request from such provider,
including--
(I) any limits on the amount of
earned wages a consumer may request
from the provider each day;
(II) any limits on the amount of
earned wages a consumer may request
from the provider each pay period; and
(III) any limits on the amount of
earned wages a consumer may request
from the provider that are based on a
determination by the provider of the
ratio between the amount of earned
wages requested by the consumer and the
total wages earned by the consumer, and
how such determination is made.
(ii) Any fees that such provider may apply,
and the amount of such fees, including fees
relating to expedited disbursement and
subscriptions.
(iii) A description of how the consumer may
obtain earned wages without paying a fee.
(iv) An overview of such provider's use of
voluntary payments that describes--
(I) whether such provider will accept
voluntary payments from the consumer
and in what amounts; and
(II) whether such provider will
suggest the consumer provide voluntary
payments and in what amounts.
(B) Disclosures preceding approval of request.--Each
earned wage access provider shall disclose the
following after approving any request from a consumer
for access to earned wages but before disbursing such
earned wages to such consumer:
(i) The account number such provider has
assigned to the consumer, if applicable.
(ii) The amount of earned wages that will be
provided to the consumer by such provider.
(iii) The total amount of any fees applied by
such provider.
(iv) A list of any voluntary payments the
consumer has agreed to provide.
(v) The amount that such provider intends to
collect as repayment after disbursing the
earned wages, the date on which such provider
intends to collect such amount or a description
of when such provider intends to collect such
amount, and the manner in which such provider
intends to collect such amount.
(C) Additional disclosures relating to voluntary
payments.--If an earned wage access provider solicits,
charges, or receives a voluntary payment from a
consumer, such provider--
(i) shall clearly and conspicuously disclose
to the consumer, before the provider commences
the transaction to which the voluntary payment
is related, that such voluntary payment--
(I) is voluntary;
(II) is not a requirement for
receiving earned wage access services;
and
(III) will not impact the frequency
with which such earned wages are
disbursed to such consumer; and
(ii) may not state that such voluntary
payment will benefit any specific individual.
(D) Changes to terms.--Each earned wage access
provider shall notify each consumer with which such
earned wage access provider has entered an agreement to
offer earned wage access services of any material
changes to the terms and conditions of service used by
such provider not less than 30 days before such
material changes take effect.
(E) Regulations.--The Bureau shall, not less than 180
days after the date of the enactment of this section,
issue rules that govern the form and manner in which
the disclosures described in this section are provided
to consumers.
(3) Cancellation of services.--If an earned wage access
provider makes earned wage access services available to a
consumer on a recurring basis, such earned wage access
provider--
(A) shall allow such consumer to discontinue such
services if such consumer provides reasonable notice to
such earned wage access provider that such consumer
desires to discontinue such services; and
(B) may not impose any financial penalty on such
consumer as a result of any discontinuation of
services.
(4) Dispute process required.--Each earned wage access
provider shall develop and implement policies and procedures to
respond to questions and complaints from consumers relating
to--
(A) unauthorized disbursement of earned wages;
(B) disbursement of earned wages in an incorrect
amount;
(C) disbursed earned wages that were not received;
(D) repayment of disbursed earned wages that is not
received or was made in an incorrect amount; and
(E) voluntary payments that were not authorized or
were made in an incorrect amount.
(5) Compelling repayment of disbursed wages.--
(A) In general.--An earned wage access provider may
not seek repayment of earned wages disbursed to a
consumer by such provider by--
(i) filing a civil suit;
(ii) initiating arbitration proceedings;
(iii) using the services of a debt collector
(as such term is defined in section 803 of the
Fair Debt Collection Practices Act); or
(iv) selling the rights to the repayment of
the disbursed earned wages to a third-party
debt buyer.
(B) Exceptions.--Subparagraph (A) shall not apply if
an earned wage access provider is--
(i) seeking repayment of earned wages
disbursed to a consumer based on information
provided by the consumer that the consumer knew
was false; or
(ii) pursuing the employer of the consumer to
which such provider disbursed earned wages for
breach of its contractual obligations to the
provider.
(6) Reimbursement required.--If an earned wage access
provider seeks repayment of disbursed earned wages, payment of
a fee, or a voluntary payment directly from a deposit account
of a consumer, on an incorrect date or in an incorrect amount,
and such attempt triggers an overdraft fee or non-sufficient
funds fee from the financial institution of the consumer, the
earned wage access provider shall reimburse such consumer for
such fee.
(7) Additional limitations.--An earned wage access provider
may not--
(A) share any fees, tips, gratuities, or other
donations that were received from or charged to a
consumer for earned wage access services with the
employer of such consumer;
(B) accept payment of fees or voluntary payments from
a consumer though a credit card of the consumer, unless
such credit card is provided to the consumer as a part
of the earned wage access service; or
(C) require a consumer to pay a late fee, deferral
fee, interest, or any other penalty or charge as a
result of a failure by the consumer to pay a fee, tip,
gratuity, or other donation requested or applied by
such provider.
(8) Disclosure to employer.--An earned wage access provider
may disclose, to an employer with which such provider has a
contract relating to earned wage access services, only such
information about earned wage access services used by consumers
who are employees of such employer as is necessary for such
earned wage access provider to recover disbursed wages.
(9) Non-discrimination.--It shall be unlawful for any earned
wage access provider to discriminate against any consumer on
the basis of race, color, religion, national origin, sex,
pregnancy, marital status, or age when offering earned wage
access services.
(b) Rulemaking.--The Bureau may issue such rules as the Bureau
determines appropriate to carry out this section.
(c) Definitions.--In this section:
(1) Bureau.--The term ``Bureau'' means the Bureau of Consumer
Financial Protection.
(2) Consumer.--The term ``consumer'' means a natural person.
(3) Earned wages.--
(A) In general.--The term ``earned wages'' means
salary, wages, compensation, or other income that a
consumer or an employer has represented and that an
earned wage access provider has reasonably determined
have been earned or have accrued to the benefit of the
consumer in exchange for the services provided by the
consumer, but that have not yet been paid to the
consumer by an employer.
(B) Services provided.--Services provided by the
consumer to the employer include any services
provided--
(i) on an hourly, project-based, piecework,
or other basis; or
(ii) when the consumer is acting as a
contractor of the employer.
(4) Earned wage access services.--The term ``earned wage
access services'' means the delivery of earned wages to a
consumer based on--
(A) employment, income, or attendance data provided
by the employer of such consumer or a payroll service
vendor contracted by the employer of such consumer; or
(B) representations made by the consumer and the
reasonable determination of the earned proceeds of such
consumer by an earned wage access provider.
(5) Earned wage access provider.--
(A) In general.--The term ``earned wage access
provider'' means a person who provides earned wage
access services to consumers.
(B) Exclusions.--The term ``earned wage access
provider'' does not include--
(i) a person who is not obligated to provide
access to earned wages as part of an earned
wage access service;
(ii) an employer that offers a portion of
salary, wages, or compensation earned by a
consumer directly to such consumer prior to a
normally scheduled pay date;
(iii) a financial institution that permits a
consumer to access amounts associated with an
electronic fund transfer from the employer of
the consumer for which the financial
institution has received information but which
has not yet settled; or
(iv) a payroll service vendor that
facilitates payments to a consumer of wages
earned by such consumer.
(6) Payroll service vendor.--The term ``payroll service
vendor'' means a vendor contracted by an employer to facilitate
payment of employee wages in accordance with Federal, State,
and local law, including the Fair Labor Standards Act of 1938.
(7) Voluntary payment.--The term ``voluntary payment'' means
any payment voluntarily made by a consumer to an earned wage
access provider when accessing earned wage services, including
a tip, gratuity, or donation.
(d) Rule of Construction.--Voluntary payments and any fees paid by a
consumer to an earned wage access provider may not be construed to be a
``finance charge'' as such term is defined in the Truth in Lending Act.
SEC. 3. CONFORMING AMENDMENTS.
Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended--
(1) in subsection (f), by striking ``defer its payment'' and
inserting ``defer its payment, but does not include earned wage
access services as defined in the Earned Wage Access Consumer
Protection Act''; and
(2) in subsection (g), by adding at the end the following:
``The term creditor does not include earned wage access
providers as such term is defined in the Earned Wage Access
Consumer Protection Act.''.
Purpose and Summary
Introduced on February 20, 2024, by Representative Bryan
Steil, H.R. 7428, the Earned Wage Access Consumer Protection
Act, clarifies that earned wages provided to consumers through
EWA products are not considered credit, and any fees, tips, or
donations paid by a consumer to an EWA provider are not
considered finance charges. EWA providers would be required to
implement policies and procedures around consumer disputes and
disclose to consumers their rights under the EWA's service
agreement. Providers would also be required to disclose the
voluntary nature of any tip or gratuity and permit the consumer
to cancel participation in the service upon reasonable notice
without the provider imposing a fee. H.R. 7428 has six
cosponsors and passed 28-22 on April 17, 2024.
Background and Need for Legislation
For both hourly and salaried employees, dealing with an
unexpected medical bill or car repair before payday can result
in overdraft fees or increased debt. With earned wage access
(EWA) products, an individual can access earned wages when
necessary to avoid short-term liquidity crunches. During a
hearing before the House Financial Services Subcommittee on
Digital Assets, Financial Technology and Inclusion, Ram
Palaniappan, CEO and founder of EWA provider EarnIn, cited a
survey outlining the financial reality for most Americans,
emphasizing ``two-thirds of our country lives paycheck to
paycheck, and much of their lives revolve around waiting for
payday.''
There are two types of EWA products: an employer-based
model or a direct-to-consumer model. Employer or payroll-
partnered EWA-providers work with an employer to manage earned
wage information and offer access to an employee. EWA providers
deposit earned wages directly to an employee's account or onto
a prepaid card. The employer then collects the repayment amount
through payroll deductions or account debits.
Alternatively, in a direct-to-consumer model, providers
work directly with consumers and typically observe inflow and
outflow patterns in a consumer's bank account. The EWA provider
will make available a certain advanced amount based on those
patterns, at the consumer's request. Both types of EWA programs
provide employees with options to help cover unexpected
expenses or bridge the gap between pay periods.
On November 30, 2020, the CFPB released an advisory opinion
on EWA products. In the CFPB's opinion, the Bureau noted that
``earned wage access products have recently emerged in the
marketplace as an innovative way for employees to meet short-
term liquidity needs that arise between paychecks without
turning to more costly alternatives.'' The CFPB further opined
on whether EWA providers are offering or extending ``credit''
and concluded the ``covered EWA programs'' do not involve the
offering or extension of credit. However, the CFPB's
determination of ``covered EWA programs'' only addresses those
programs that satisfy certain criteria. Due to the limited
scope of the advisory opinion, the CFPB left many open
questions regarding the direct-to-consumer EWA model.
Additionally, on December 30, 2020, the CFPB issued a
compliance assistance sandbox approval order to PayActiv for
two years related to its EWA product with specific criteria.
However, on June 22, 2022, the CFPB rescinded PayActiv's
sandbox approval at the request of the company. The CFPB
indicated it plans to issue further guidance to provide clarity
surrounding EWA products. In his testimony, Mr. Palaniappan
advocated for regulators and Congress to distinguish earned
wage access products from revolving debt or installment loans,
and cited Treasury's call for ``on-demand pay arrangements'' to
be exempted from being considered loans in its 2022 and 2023
budget proposal as a justification for this policy position. In
addition, Mr. Palaniappan asserted, ``forcing EWA into the
`credit' system seems to shoehorn a new consumer-friendly
approach into a system that may disadvantage consumers, [and
will lead to the] transfer [of] downside risk from providers to
consumers . . . likely lead at least some EWA providers
[resorting] to the most common credit-related fees, lead to
negative credit reporting that could follow consumers around .
. . [and] encourage more revolving debt.''
At the state level, several states have recognized the
importance of EWA and have made strides towards promoting
accessibility to such products. In June and July 2023, Nevada
and Missouri enacted laws to regulate EWA services offered
within their states. Nevada implemented a licensing regime that
requires all employer-based EWA models to obtain a license from
the state. Licensed EWA entities must also comply with various
disclosure and operating requirements. Missouri's EWA
regulatory regime imposes similar requirements on both
employer-based and consumer-based EWA service providers.
Several other states are expected to consider legislative or
regulatory action related to EWA as well. In his testimony, Mr.
Palaniappan underscored some of the risks of leaving EWA
regulation to the states, highlighting ``without federal
guidelines for EWA, we have an inconsistent national landscape
and a patchwork of state laws and ambiguity that leaves some
Americans worse off.''
H.R. 7428 requires that all EWA products be nonrecourse,
include overdraft and non-sufficient fund fee protection, have
comprehensive fee disclosure, possess mandatory dispute
processes, and be barred from discrimination--all of which
would be enforced by the CFPB. H.R. 7428 protects consumers
while providing clarity for firms to provide a product that so
many Americans utilize today.
Related Hearings
Pursuant to clause 3(c)(6) of rule XIII, the following
hearing was used to develop H.R. 7428:
The Full Committee held a hearing on November 29, 2023 on
the Semi-Annual Report of the Bureau of Consumer Financial
Protection.
The Subcommittee on Digital Assets, Financial Technology
and Inclusion of the Committee on Financial Services held a
hearing on October 25, 2023, titled ``Modernizing Financial
Services Through Innovation and Competition.''
The Full Committee held a hearing on June 14, 2023 on the
Semi-Annual Report of the Bureau of Consumer Financial
Protection.
The Full Committee held a hearing on December 14, 2022 on
the Semi-Annual Report of the Bureau of Consumer Financial
Protection.
The Full Committee held a hearing on April 27, 2022 on the
Semi-Annual Report of the Bureau of Consumer Financial
Protection.
The Committee's Task Force on Financial Technology held a
hearing on November 2, 2021, titled ``Buy Now, Pay More Later?
Investigating Risks and Benefits of BNPL and Other Emerging
Fintech Cash Flow Products.''
The Full Committee held a hearing on October 27, 2021 on
the Semi-Annual Report of the Bureau of Consumer Financial
Protection.
Committee Consideration
The Committee on Financial Services met in open session on
April 17, 2024, and ordered H.R. 7428 to be reported favorably
to the House as amended by a recorded vote of 28 ayes to 22
nays (Record vote no. FC-XX), a quorum being present. Before
the question was called to order the bill favorably reported,
the Committee adopted an amendment in the nature of a
substitute offered by Mr. Steil by voice vote.
Committee Votes
Clause 3(b) of rule XIII of the Rules of the House of
Representatives requires the Committee to list the record votes
on the order to report legislation and amendments thereto. H.R.
7428 was ordered reported favorably to the House as amended by
a recorded vote of 28 ayes to 22 nays (Record vote no. FC-135),
a quorum being present.
An amendment offered by Mr. Green, no. 8, was not agreed to
by a recorded vote of 22 ayes to 28 nays (Record vote no. FC-
134), a quorum being present.
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
Committee Oversight Findings
Pursuant to clause 3(c) of rule XIII of the Rules of the
House of Representatives, the findings and recommendations of
the Committee, based on oversight activities under clause
2(b)(1) of rule X of the Rules of the House of Representatives,
are incorporated in the descriptive portions of this report.
Performance Goals and Objectives
Pursuant to clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the goal of H.R. 7428 is to clarify
that earned wages provided to consumers through EWA products
are not considered credit, and any fees, tips, or donations
paid by a consumer to an EWA provider are not considered
finance charges.
Congressional Budget Office Estimates
The Committee has requested but not received a cost
estimate from the Director of the Congressional Budget Office.
However, pursuant to clause 3(d)(1) of House rule XIII, the
Committee will adopt as its own the cost estimate by the
Director of the Congressional Budget Office once it has been
prepared.
New Budget Authority, Entitlement Authority, and Tax Expenditures
The Committee has requested but not received an estimate
from the Director of the Congressional Budget Office. However,
pursuant to clause 3(c)(2) of rule XIII of the Rules of the
House of Representatives, once an estimate has been prepared by
the Director of the Congressional Budget Office, as required by
section 402 of the Congressional Budget Act of 1973, the
Committee will adopt as its own the estimate of new budget
authority, entitlement authority, or tax expenditures or
revenues.
Federal Mandates Statement
The Committee has requested but not received from the
Director of the Congressional Budget Office an estimate of the
Federal mandates pursuant to section 423 of the Unfunded
Mandates Reform Act. The Committee will adopt the estimate once
it has been prepared by the Director.
Advisory Committee Statement
No advisory committees within the meaning of section 5(b)
of the Federal Advisory Committee Act were created by this
legislation.
Applicability to Legislative Branch
The Committee finds that the legislation does not relate to
the terms and conditions of employment or access to public
services or accommodations within the meaning of section
102(b)(3) of the Congressional Accountability Act.
Earmark Identification
With respect to clause 9 of rule XXI of the Rules of the
House of Representatives, the Committee has carefully reviewed
the provisions of the bill and states that the provisions of
the bill do not contain any congressional earmarks, limited tax
benefits, or limited tariff benefits within the meaning of the
rule.
Duplication of Federal Programs
Pursuant to clause 3(c)(5) of rule XIII of the Rules of the
House of Representatives, the Committee states that no
provision of the bill establishes or reauthorizes a program of
the Federal Government known to be duplicative of another
Federal program, including any program that was included in a
report to Congress pursuant to section 21 of the Public Law
111-139 or the most recent Catalog of Federal Domestic
Assistance.
Section-by-Section Analysis of the Legislation
Section 1. Short title
This section cites H.R. 7428 as the ``Earned Wage Consumer
Protection Act.''
Section 2. Earned Wage Access services
This section sets forth the requirements for EWA providers.
Specifically, section 2 requires EWA providers to include a no-
cost option for their services and provide robust disclosures.
The disclosures must be provided prior to entering any
agreement with a consumer and prior to the approval of each
request. Additional disclosures are required regarding the
policies on voluntary payments as well as any changes to terms
and conditions. Section 2 also requires EWA providers to
establish a dispute resolution process. This section provides
the CFPB with the authority to issue rules, as the CFPB deems
appropriate to carry out this section.
Section 2 provides definitions for the following terms:
``earned wages,'' ``earned wage access services,'' ``earned
wage access provider,'' ``payroll service vendor,'' and
``voluntary payment.''
Lastly, Section 2 clarifies that voluntary payments and any
fees paid by a consumer to an earned wage access provider may
not be construed to be a ``finance charge'' as such term is
defined in the Truth in Lending Act (TILA).
Section 3. Conforming amendments
Section 3 specifies that earned wage access services and
providers are not consumer credit products or creditors for
purposes of regulation under TILA.
Changes in Existing Law Made by the Bill, as Reported
In compliance with clause 3(e) of rule XIII of the Rules of
the House of Representatives, changes in existing law made by
the bill, as reported, are shown as follows (existing law
proposed to be omitted is enclosed in black brackets, new
matter is printed in italics, and existing law in which no
change is proposed is shown in roman):
TRUTH IN LENDING ACT
* * * * * * *
TITLE I--CONSUMER CREDIT COST DISCLOSURE
* * * * * * *
CHAPTER 1--GENERAL PROVISIONS
* * * * * * *
Sec. 103. Definitions and rules of construction
(a) The definitions and rules of construction set forth in
this section are applicable for the purposes of this title.
(b) Bureau.--The term ``Bureau'' means the Bureau of Consumer
Financial Protection.
(c) The term ``Bureau'' refers to the Bureau of Governors of
the Federal Reserve System.
(d) The term ``organization'' means a corporation, government
or governmental subdivision or agency, trust, estate,
partnership, cooperative, or association.
(e) The term ``person'' means a natural person or an
organization.
(f) The term ``credit'' means the right granted by a creditor
to a debtor to defer payment of debt or to incur debt and
[defer its payment] defer its payment, but does not include
earned wage access services as defined in the Earned Wage
Access Consumer Protection Act.
(g) The term ``creditor'' refers only to a person who both
(1) regularly extends, whether in connection with loans, sales
of property or services, or otherwise, consumer credit which is
payable by agreement in more than four installments or for
which the payment of a finance charge is or may be required,
and (2) is the person to whom the debt arising from the
consumer credit transaction is initially payable on the face of
the evidence of indebtedness or, if there is no such evidence
of indebtedness, by agreement. Notwithstanding the preceding
sentence, in the case of an open-end credit plan involving a
credit card, the card issuer and any person who honors the
credit card and offers a discount which is a finance charge are
creditors. For the purpose of the requirements imposed under
chapter 4 and sections 127(a)(5), 127(a)(6), 127(a)(7),
127(b)(1), 127(b)(2), 127(b)(3), 127(b)(8), and 127(b)(10) of
chapter 2 of this title, the term ``creditor'' shall also
include card issuers whether or not the amount due is payable
by agreement in more than four installments or the payment of a
finance charge is or may be required, and the Bureau shall, by
regulation, apply these requirements to such card issuers, to
the extent appropriate, even though the requirements are by
their terms applicable only to creditors offering open-end
credit plans. Any person who originates 2 or more mortgages
referred to in subsection (aa) in any 12-month period or any
person who originates 1 or more such mortgages through a
mortgage broker shall be considered to be a creditor for
purposes of this title. The term ``creditor'' includes a
private educational lender (as that term is defined in section
140) for purposes of this title. The term creditor does not
include earned wage access providers as such term is defined in
the Earned Wage Access Consumer Protection Act.
(h) The term ``credit sale'' refers to any sale in which the
seller is a creditor. The term includes any contract in the
form of a bailment or lease if the bailee or lessee contracts
to pay as compensation for use a sum substantially equivalent
to or in excess of the aggregate value of the property and
services involved and it is agreed that the bailee or lessee
will become, or for no other or a nominal consideration has the
option to become, the owner of the property upon full
compliance with his obligations under the contract.
(i) The adjective ``consumer'', used with reference to a
credit transaction, characterizes the transaction as one in
which the party to whom credit is offered or extended is a
natural person, and the money, property, or services which are
the subject of the transaction are primarily for personal,
family, or household purposes.
(j) The terms ``open end credit plan'' and ``open end
consumer credit plan'' mean a plan under which the creditor
reasonably contemplates repeated transactions, which prescribes
the terms of such transactions, and which provides for a
finance charge which may be computed from time to time on the
outstanding unpaid balance. A credit plan or open end consumer
credit plan which is an open end credit plan or open end
consumer credit plan within the meaning of the preceding
sentence is an open end credit plan or open end consumer credit
plan even if credit information is verified from time to time.
(k) The term ``adequate notice'', as used in section 133,
means a printed notice to a cardholder which sets forth the
pertinent facts clearly and conspicuously so that a person
against whom it is to operate could reasonably be expected to
have noticed it and understood its meaning. Such notice may be
given to a cardholder by printing the notice on any credit
card, or on each periodic statement of account, issued to the
cardholder, or by any other means reasonably assuring the
receipt thereof by the cardholder.
(l) The term ``credit card'' means any card, plate, coupon
book or other credit device existing for the purpose of
obtaining money, property, labor, or services on credit.
(m) The term ``accepted credit card'' means any credit card
which the cardholder has requested and received or has signed
or has used, or authorized another to use, for the purpose of
obtaining money, property, labor, or services on credit.
(n) The term ``cardholder'' means any person to whom a credit
card is issued or any person who has agreed with the card
issuer to pay obligations arising from the issuance of a credit
card to another person.
(o) The term ``card issuer'' means any person who issues a
credit card, or the agent of such person with respect to such
card.
(p) The term ``unauthorized use'', as used in section 133,
means a use of a credit card by a person other than the
cardholder who does not have actual, implied, or apparent
authority for such use and from which the cardholder receives
no benefit.
(q) The term ``discount'' as used in section 167 means a
reduction made from the regular price. The term ``discount'' as
used in section 167 shall not mean a surcharge.
(r) The term ``surcharge'' as used in section 103 and section
167 means any means of increasing the regular price to a
cardholder which is not imposed upon customers paying by cash,
check, or similar means.
(s) The term ``State'' refers to any State, the Commonwealth
of Puerto Rico, the District of Columbia, and any territory or
possession of the United States.
(t) The term ``agricultural purposes'' includes the
production, harvest, exhibition, marketing, transportation,
processing, or manufacture of agricultural products by a
natural person who cultivates, plants, propagates, or nurtures
those agricultural products, including but not limited to the
acquisition of farmland, real property with a farm residence,
and personal property and services used primarily in farming.
(u) The term ``agricultural products'' includes agricultural,
horticultural, viticultural, and dairy products, livestock,
wildlife, poultry, bees, forest products, fish and shellfish,
and any products thereof, including processed and manufactured
products, and any and all products raised or produced on farms
and any processed or manufactured products thereof.
(v) The term ``material disclosures'' means the disclosure,
as required by this title, of the annual percentage rate, the
method of determining the finance charge and the balance upon
which a finance charge will be imposed, the amount of the
finance charge, the amount to be financed, the total of
payments, the number and amount of payments, the due dates or
periods of payments scheduled to repay the indebtedness, and
the disclosures required by section 129(a).
(w) The term ``dwelling'' means a residential structure or
mobile home which contains one to four family housing units, or
individual units of condominiums or cooperatives.
(x) The term ``residential mortgage transaction'' means a
transaction in which a mortgage, deed of trust, purchase money
security interest arising under an installment sales contract,
or equivalent consensual security interest is created or
retained against the consumer's dwelling to finance the
acquisition or initial construction of such dwelling.
(y) As used in this section and section 167, the term
``regular price'' means the tag or posted price charged for the
property or service if a single price is tagged or posted, or
the price charged for the property or service when payment is
made by use of an open-end credit plan or a credit card if
either (1) no price is tagged or posted, or (2) two prices are
tagged or posted, one of which is charged when payment is made
by use of an open-end credit plan or a credit card and the
other when payment is made by use of cash, check, or similar
means. For purposes of this definition, payment by check,
draft, or other negotiable instrument which may result in the
debiting of an open-end credit plan or a credit cardholder's
open-end account shall not be considered payment made by use of
the plan or the account.
(z) Any reference to any requirement imposed under this title
or any provision thereof includes reference to the regulations
of the Bureau under this title or the provision thereof in
question.
(aa) The disclosure of an amount or percentage which is
greater than the amount or percentage required to be disclosed
under this title does not in itself constitute a violation of
this title.
(bb) High-cost Mortgage.--
(1) Definition.--
(A) In general.--The term ``high-cost
mortgage'', and a mortgage referred to in this
subsection, means a consumer credit transaction
that is secured by the consumer's principal
dwelling, other than a reverse mortgage
transaction, if--
(i) in the case of a credit
transaction secured--
(I) by a first mortgage on
the consumer's principal
dwelling, the annual percentage
rate at consummation of the
transaction will exceed by more
than 6.5 percentage points (8.5
percentage points, if the
dwelling is personal property
and the transaction is for less
than $50,000) the average prime
offer rate, as defined in
section 129C(b)(2)(B), for a
comparable transaction; or
(II) by a subordinate or
junior mortgage on the
consumer's principal dwelling,
the annual percentage rate at
consummation of the transaction
will exceed by more than 8.5
percentage points the average
prime offer rate, as defined in
section 129C(b)(2)(B), for a
comparable transaction;
(ii) the total points and fees
payable in connection with the
transaction, other than bona fide third
party charges not retained by the
mortgage originator, creditor, or an
affiliate of the creditor or mortgage
originator, exceed--
(I) in the case of a
transaction for $20,000 or
more, 5 percent of the total
transaction amount; or
(II) in the case of a
transaction for less than
$20,000, the lesser of 8
percent of the total
transaction amount or $1,000
(or such other dollar amount as
the Bureau shall prescribe by
regulation); or
(iii) the credit transaction
documents permit the creditor to charge
or collect prepayment fees or penalties
more than 36 months after the
transaction closing or such fees or
penalties exceed, in the aggregate,
more than 2 percent of the amount
prepaid.
(B) Introductory rates taken into account.--
For purposes of subparagraph (A)(i), the annual
percentage rate of interest shall be determined
based on the following interest rate:
(i) In the case of a fixed-rate
transaction in which the annual
percentage rate will not vary during
the term of the loan, the interest rate
in effect on the date of consummation
of the transaction.
(ii) In the case of a transaction in
which the rate of interest varies
solely in accordance with an index, the
interest rate determined by adding the
index rate in effect on the date of
consummation of the transaction to the
maximum margin permitted at any time
during the loan agreement.
(iii) In the case of any other
transaction in which the rate may vary
at any time during the term of the loan
for any reason, the interest charged on
the transaction at the maximum rate
that may be charged during the term of
the loan.
(C) Mortgage insurance.--For the purposes of
computing the total points and fees under
paragraph (4), the total points and fees shall
exclude--
(i) any premium provided by an agency
of the Federal Government or an agency
of a State;
(ii) any amount that is not in excess
of the amount payable under policies in
effect at the time of origination under
section 203(c)(2)(A) of the National
Housing Act (12 U.S.C. 1709(c)(2)(A)),
provided that the premium, charge, or
fee is required to be refundable on a
pro-rated basis and the refund is
automatically issued upon notification
of the satisfaction of the underlying
mortgage loan; and
(iii) any premium paid by the
consumer after closing.
(2)(A) After the 2-year period beginning on the effective
date of the regulations promulgated under section 155 of the
Riegle Community Development and Regulatory Improvement Act of
1994, and no more frequently than biennially after the first
increase or decrease under this subparagraph, the Bureau may by
regulation increase or decrease the number of percentage points
specified in paragraph (1)(A), if the Bureau determines that
the increase or decrease is--
(i) consistent with the consumer protections against
abusive lending provided by the amendments made by
subtitle B of title I of the Riegle Community
Development and Regulatory Improvement Act of 1994; and
(ii) warranted by the need for credit.
(B) An increase or decrease under subparagraph (A)--
(i) may not result in the number of
percentage points referred to in paragraph
(1)(A)(i)(I) being less than 6 percentage
points or greater than 10 percentage points;
and
(ii) may not result in the number of
percentage points referred to in paragraph
(1)(A)(i)(II) being less than 8 percentage
points or greater than 12 percentage points.
(C) In determining whether to increase or decrease the number
of percentage points referred to in subparagraph (A), the
Bureau shall consult with representatives of consumers,
including low-income consumers, and lenders.
(3) The amount specified in paragraph (1)(B)(ii) shall be
adjusted annually on January 1 by the annual percentage change
in the Consumer Price Index, as reported on June 1 of the year
preceding such adjustment.
(4) For purposes of paragraph (1)(B), points and fees shall
include--
(A) all items included in the finance charge, except
interest or the time-price differential;
(B) all compensation paid directly or indirectly by a
consumer or creditor to a mortgage originator from any
source, including a mortgage originator that is also
the creditor in a table-funded transaction;
(C) each of the charges listed in section 106(e)
(except an escrow for future payment of taxes),
unless--
(i) the charge is reasonable;
(ii) the creditor receives no direct or
indirect compensation; and
(iii) the charge is paid to a third party
unaffiliated with the creditor; and
(D) premiums or other charges payable at or before
closing for any credit life, credit disability, credit
unemployment, or credit property insurance, or any
other accident, loss-of-income, life or health
insurance, or any payments directly or indirectly for
any debt cancellation or suspension agreement or
contract, except that insurance premiums or debt
cancellation or suspension fees calculated and paid in
full on a monthly basis shall not be considered
financed by the creditor;
(E) the maximum prepayment fees and penalties which
may be charged or collected under the terms of the
credit transaction;
(F) all prepayment fees or penalties that are
incurred by the consumer if the loan refinances a
previous loan made or currently held by the same
creditor or an affiliate of the creditor; and
(G) such other charges as the Bureau determines to be
appropriate.
(5) Calculation of points and fees for open-end
consumer credit plans.--In the case of open-end
consumer credit plans, points and fees shall be
calculated, for purposes of this section and section
129, by adding the total points and fees known at or
before closing, including the maximum prepayment
penalties which may be charged or collected under the
terms of the credit transaction, plus the minimum
additional fees the consumer would be required to pay
to draw down an amount equal to the total credit line.
(6) This subsection shall not be construed to limit the rate
of interest or the finance charge that a person may charge a
consumer for any extension of credit.
(cc) The term ``reverse mortgage transaction'' means a
nonrecourse transaction in which a mortgage, deed of trust, or
equivalent consensual security interest is created against the
consumer's principal dwelling--
(1) securing one or more advances; and
(2) with respect to which the payment of any
principal, interest, and shared appreciation or equity
is due and payable (other than in the case of default)
only after--
(A) the transfer of the dwelling;
(B) the consumer ceases to occupy the
dwelling as a principal dwelling; or
(C) the death of the consumer.
(dd) Definitions Relating to Mortgage Origination and
Residential Mortgage Loans.--
(1) Commission.--Unless otherwise specified, the term
``Commission'' means the Federal Trade Commission.
(2) Mortgage originator.--The term ``mortgage
originator''--
(A) means any person who, for direct or
indirect compensation or gain, or in the
expectation of direct or indirect compensation
or gain--
(i) takes a residential mortgage loan
application;
(ii) assists a consumer in obtaining
or applying to obtain a residential
mortgage loan; or
(iii) offers or negotiates terms of a
residential mortgage loan;
(B) includes any person who represents to the
public, through advertising or other means of
communicating or providing information
(including the use of business cards,
stationery, brochures, signs, rate lists, or
other promotional items), that such person can
or will provide any of the services or perform
any of the activities described in subparagraph
(A);
(C) does not include any person who is--
(i) not otherwise described in
subparagraph (A) or (B) and who
performs purely administrative or
clerical tasks on behalf of a person
who is described in any such
subparagraph; or
(ii) a retailer of manufactured or
modular homes or an employee of the
retailer if the retailer or employee,
as applicable--
(I) does not receive
compensation or gain for
engaging in activities
described in subparagraph (A)
that is in excess of any
compensation or gain received
in a comparable cash
transaction;
(II) discloses to the
consumer--
(aa) in writing any
corporate affiliation
with any creditor; and
(bb) if the retailer
has a corporate
affiliation with any
creditor, at least 1
unaffiliated creditor;
and
(III) does not directly
negotiate with the consumer or
lender on loan terms (including
rates, fees, and other costs).
(D) does not include a person or entity that
only performs real estate brokerage activities
and is licensed or registered in accordance
with applicable State law, unless such person
or entity is compensated by a lender, a
mortgage broker, or other mortgage originator
or by any agent of such lender, mortgage
broker, or other mortgage originator;
(E) does not include, with respect to a
residential mortgage loan, a person, estate, or
trust that provides mortgage financing for the
sale of 3 properties in any 12-month period to
purchasers of such properties, each of which is
owned by such person, estate, or trust and
serves as security for the loan, provided that
such loan--
(i) is not made by a person, estate,
or trust that has constructed, or acted
as a contractor for the construction
of, a residence on the property in the
ordinary course of business of such
person, estate, or trust;
(ii) is fully amortizing;
(iii) is with respect to a sale for
which the seller determines in good
faith and documents that the buyer has
a reasonable ability to repay the loan;
(iv) has a fixed rate or an
adjustable rate that is adjustable
after 5 or more years, subject to
reasonable annual and lifetime
limitations on interest rate increases;
and
(v) meets any other criteria the
Bureau may prescribe;
(F) does not include the creditor (except the
creditor in a table-funded transaction) under
paragraph (1), (2), or (4) of section 129B(c);
and
(G) does not include a servicer or servicer
employees, agents and contractors, including
but not limited to those who offer or negotiate
terms of a residential mortgage loan for
purposes of renegotiating, modifying, replacing
and subordinating principal of existing
mortgages where borrowers are behind in their
payments, in default or have a reasonable
likelihood of being in default or falling
behind.
(3) Nationwide mortgage licensing system and
registry.--The term ``Nationwide Mortgage Licensing
System and Registry'' has the same meaning as in the
Secure and Fair Enforcement for Mortgage Licensing Act
of 2008.
(4) Other definitions relating to mortgage
originator.--For purposes of this subsection, a person
``assists a consumer in obtaining or applying to obtain
a residential mortgage loan'' by, among other things,
advising on residential mortgage loan terms (including
rates, fees, and other costs), preparing residential
mortgage loan packages, or collecting information on
behalf of the consumer with regard to a residential
mortgage loan.
(5) Residential mortgage loan.--The term
``residential mortgage loan'' means any consumer credit
transaction that is secured by a mortgage, deed of
trust, or other equivalent consensual security interest
on a dwelling or on residential real property that
includes a dwelling, other than a consumer credit
transaction under an open end credit plan or, for
purposes of sections 129B and 129C and section 128(a)
(16), (17), (18), and (19), and sections 128(f) and
130(k), and any regulations promulgated thereunder, an
extension of credit relating to a plan described in
section 101(53D) of title 11, United States Code.
(6) Secretary.--The term ``Secretary'', when used in
connection with any transaction or person involved with
a residential mortgage loan, means the Secretary of
Housing and Urban Development.
(7) Servicer.--The term ``servicer'' has the same
meaning as in section 6(i)(2) of the Real Estate
Settlement Procedures Act of 1974 (12 U.S.C.
2605(i)(2)).
(ee) Bona Fide Discount Points and Prepayment Penalties.--For
the purposes of determining the amount of points and fees for
purposes of subsection (aa), either the amounts described in
paragraph (1) or (2) of the following paragraphs, but not both,
shall be excluded:
(1) Up to and including 2 bona fide discount points
payable by the consumer in connection with the
mortgage, but only if the interest rate from which the
mortgage's interest rate will be discounted does not
exceed by more than 1 percentage point--
(A) the average prime offer rate, as defined
in section 129C; or
(B) if secured by a personal property loan,
the average rate on a loan in connection with
which insurance is provided under title I of
the National Housing Act (12 U.S.C. 1702 et
seq.).
(2) Unless 2 bona fide discount points have been
excluded under paragraph (1), up to and including 1
bona fide discount point payable by the consumer in
connection with the mortgage, but only if the interest
rate from which the mortgage's interest rate will be
discounted does not exceed by more than 2 percentage
points--
(A) the average prime offer rate, as defined
in section 129C; or
(B) if secured by a personal property loan,
the average rate on a loan in connection with
which insurance is provided under title I of
the National Housing Act (12 U.S.C. 1702 et
seq.).
(3) For purposes of paragraph (1), the term ``bona
fide discount points'' means loan discount points which
are knowingly paid by the consumer for the purpose of
reducing, and which in fact result in a bona fide
reduction of, the interest rate or time-price
differential applicable to the mortgage.
(4) Paragraphs (1) and (2) shall not apply to
discount points used to purchase an interest rate
reduction unless the amount of the interest rate
reduction purchased is reasonably consistent with
established industry norms and practices for secondary
mortgage market transactions.
* * * * * * *
MINORITY VIEWS
If enacted, H.R. 7428 would create a major loophole in our
consumer financial protection laws, allowing predatory payday
loan-like products to proliferate. This legislation would
create a new legal framework for earned wage access (EWA)
products and formally exempt them from existing Truth in
Lending Act (TILA) disclosure requirements that currently apply
to credit products. EWA products offer individuals access to a
portion of their earned income, prior to being issued their
paycheck at the end of the standard pay period. For example, if
a consumer worked four days out of their two-week pay period,
they could be advanced an amount that reflects their prorated
income for the four days they have worked. EWA companies
generally argue that they should not be subject to laws like
TILA governing the extension of credit because they are
advancing wages that the consumer has already earned on a non-
recourse basis.\1\ Consumer advocates disagree and have raised
concerns about broadly exempting all forms of EWA from credit
laws, like TILA and state interest rate caps, arguing that
among other things, given the various fees and so-called
voluntary tips EWA collect, and the frequent and repeated use
of these products, this can lead to harmful debt traps for
consumers. Furthermore, consumer advocates express concerns
that this legislation could inspire payday loan-like products
to adopt similar models under the bill's light-touch
regulations.\2\
---------------------------------------------------------------------------
\1\See, e.g., American Fintech Council, AFC Expresses Serious
Concerns With Connecticut's Recent Guidance Related to Earned Wage
Access (EWA), Sept. 19, 2023.
\2\See, e.g., National Consumer Law Center, Earned Wage Advances
and Other Fintech Payday Loans: Workers Shouldn't Pay to be Paid (Apr.
20, 2023).
---------------------------------------------------------------------------
TILA, which would be rendered inapplicable to all EWA
products under this bill,\3\ provides important protections for
consumers. In particular, TILA includes a private right of
action and requires clear disclosure of the annual percentage
rate (APR). The CFPB has described ``APR disclosures [and] the
disclosure of the finance charge [as] central to the uniform
credit cost disclosure envisioned by the TILA.''\4\ This bill
does not include any private right of action, and while the
bill requires disclosure of fees, it does not specify whether
or not APR would count as a fee. This is concerning because an
examination by the California Department of Financial
Protection and Innovation found that ``the average APR across
nearly six million EWA transactions was just over 330%--close
to that of payday loans in California.''\5\ Without required
disclosures on APR, EWA companies would be able to hide
exorbitant rates. There is no reason companies offering these
products shouldn't comply with long-standing consumer
protection and credit laws.
---------------------------------------------------------------------------
\3\See p. 12 of the ANS.
\4\CFPB, Laws and Regulations: TILA (Apr. 2015).
\5\Id.
---------------------------------------------------------------------------
This bill will preempt guidance from the CFPB, which is
expected to be published. The CFPB first indicated, in June
2022, that it would take action on EWA products when it
rescinded an EWA company's sandbox approval order.\6\ In
December 2023, when commenting on the California Department of
Financial Protection and Innovation's action on EWA products,
CFPB indicated that the agency ``plans to issue further
guidance'' and that ``the CFPB supports efforts to subject such
products to rigorous oversight for the full scope of existing
state and federal consumer protection and lending laws.''\7\
This bill not only exempts EWA products from the definition of
TILA before CFPB has had the chance to act, it also takes away
an enforceable Federal standard to protect consumers in this
space. While the bill directs the CFPB to issue rulemaking, it
does not provide authority for CFPB to take enforcement actions
or impose penalties if a company were to violate this new law.
---------------------------------------------------------------------------
\6\CFPB, CFPB Rescinds Special Regulatory Treatment for Payactiv
(Jun. 30, 2022).
\7\Seth Frotman, State regulatory developments on ``income-based
advances'', CFPB (Dec. 1, 2023).
---------------------------------------------------------------------------
During the markup, Representative Green proposed an
amendment that would strike the legislation and replace it with
text requiring the CFPB to issue guidance on how consumer
financial protection laws apply to EWA products. This amendment
was rejected by Republicans.
The following 192 labor, civil rights, consumer, legal
services, and community groups, and academics oppose H.R. 7428:
(*--organization listed for identification only).
National groups: 20/20 Vision, ACLU, AFL-CIO, American
Economic Liberties Project, American Federation of Teachers,
American Friends Service Committee, Americans for Financial
Reform, Appleseed Foundation, Center for Responsible Lending,
Center for WorkLife Law, Coalition of Labor Union Women,
Coalition on Human Needs, Consumer Action, Consumer Federation
of America, Consumer Reports, Consumers for Auto Reliability
and Safety, Equal Rights Advocates, Impact Fund, Japanese
American Citizens League (JACL), The Leadership Conference on
Civil and Human Rights, MomsRising, NAACP, National Association
for Latino Community Asset Builders, National Association of
Consumer Advocates, National Center for Law and Economic
Justice, National Coalition for Asian Pacific American
Community Development (National CAPACD), National Coalition for
the Homeless, National Community Action Partnership, National
Consumer Law Center (on behalf of its low-income clients),
National Consumers League, National Disability Rights Network
(NDRN), National Education Association, National Employment Law
Project, National Employment Lawyers Association, National
Institute for Workers' Rights, National Partnership for Women &
Families, National Urban League, National Women's Law Center,
NETWORK Lobby for Catholic Social Justice, Prosperity Now,
Public Citizen, Public Counsel, Public Good Law Center, Public
Justice, Restaurant Opportunities Centers United, Service
Employees International Union (SEIU), Sugar Law Center for
Economic and Social Justice, U.S. PIRG, UnidosUS, Workplace
Fairness, Young Invincibles
Alaska: AKPIRG
Arizona: Center for Economic Integrity, Society of St.
Vincent de Paul, Tucson Diocesan Council, UFCW Local 99,
William E. Morris Institute for Justice
California: California Low-Income Consumer Coalition
(CLICC), CAMEO--California Association for Micro Enterprise
Opportunity, Consumer Federation of California, Legal
Assistance for Seniors, Lift to Rise, Long Beach Alliance for
Clean Energy, Mission Asset Fund, Office of Kat Taylor, Prof.
Alysson Snow (University of San Diego School of Law, Housing
Rights Legal Clinic),* Prof. Scott Maurer, Katharine & George
Alexander Community Law Center,* Prof. Steven M. Graves,
California State University, Northridge,* Public Law Center,
Rise Economy (formerly California Reinvestment Coalition)
Colorado: Bell Policy Center, CoPIRG, The One Less
Foundation, Towards Justice
Connecticut: Connecticut Legal Services, Inc., Prof. Annie
Harper (Yale School of Medicine Department of Psychiatry)*
Delaware: Delaware Community Reinvestment Action Council,
Inc.
District of Columbia: Prof. Emeritus Arthur E. Wilmarth,
Jr., George Washington University Law School,* DC Consumer
Rights Coalition, Tzedek DC
Florida: Florida Consumer Action Network, Jacksonville Area
Legal Aid, Inc.
Georgia: Georgia Watch, Sur Legal Collaborative, Prof.
Emeritus Mark Budnitz, Georgia State University College of
Law,* Neighborhood Improvement Association
Illinois: Shriver Center on Poverty Law, Prof. Lea
Krivinskas Shepard, Loyola University Chicago School of Law,*
Prof. Thomas L. Eovaldi, Northwestern Pritzger School of Law*
Indiana: Indiana Community Action Poverty Institute,
Prosperity Indiana
Kentucky: Kentucky Equal Justice Center
Louisiana: New Hope Collaborative
Maine: Maine People's Alliance, Maine Small Business
Coalition
Maryland: 1199SEIU MD/DC, CASH Campaign of Maryland,
Economic Action Maryland, Public Justice Center, Prof. Jeff
Sovern, University of Maryland Francis King Carey School of
Law* (signed only in individual capacity; affiliation provided
only for purposes of identification), Prof. Jodi Frey,
University of Maryland, School of Social Work*
Massachusetts: Sciencecorps, Lawrence CommunityWorks, Inc.
The Neighborhood Developers
Minnesota: Minnesotans for Fair Lending, Phyllis Wheatley
Community Center, Prof. Prentiss Cox, University of Minnesota
Law School*
Nebraska: Nebraska Appleseed
Nevada: UNITE HERE Culinary Workers Union, Local 226, Legal
Aid Center of Southern Nevada, Nevada Coalition of Legal
Service Providers, Nevada Legal Services, Inc., Progressive
Leadership Alliance of Nevada
New Jersey: BlueWaveNJ, Legal Services of New Jersey, New
Jersey Appleseed Public Interest Law Center, New Jersey Citizen
Action, NJ Time to Care Coalition, Communities First
Initiative, CWA Local 1081
New Mexico: KWH Law Center for Social Justice and Change,
Prof. Nathalie Martin, University of New Mexico School of Law*
New York: Center for Elder Law & Justice, Cypress Hills
Local Development Corp., Empire Justice Center, Eno Awotoye,
Retail Action Project, Genesee Co-op Federal Credit Union, Long
Island Housing Services, Inc., Lower East Side People's FCU,
Mobilization for Justice, New Economy Project, New York Public
Interest Research Group (NYPIRG), New York StateWide Senior
Action Council, New Yorkers for Responsible Lending, Prof. Dora
Galacatos, Fordham Law School Feerick Center for Social
Justice,* Prof. Edward J. Janger, Brooklyn Law School,* Prof.
Marianne Artusio, Touro Law Center,* Prof. Norman I. Silber,
Maurice A. Deane School of Law, Hofstra University,* Prof.
Susan Block-Lieb, Fordham Law School,* Rural Law Center of New
York, Strycker's Bay Neighborhood Council, Western New York Law
Center
North Carolina: Charlotte Center for Legal Advocacy, The
Collaborative, NC Coalition for Responsible Lending, North
Carolina Council of Churches, North Carolina Justice Center,
Pisgah Legal Services, Rebuilding Broken Places CDC
Ohio: Advocates for Basic Legal Equality, Cincinnati
Interfaith Workers Center, Legal Aid Society of Southwest Ohio,
LLC, Prof. Cathy Lesser Mansfield (Case Western Reserve
University School of Law)*
Oklahoma: Voices Organized in Civic Engagement (VOICE)
Oregon: Oregon Consumer Justice
Pennsylvania: Community Legal Services of Philadelphia,
Justice at Work Pennsylvania
Rhode Island: Economic Progress Institute
South Carolina: Columbia Consumer Education Council Inc,
South Carolina Appleseed Legal Justice Center, South Carolina
Association for Community Economic Development
Texas: Brazos Valley Affordable Housing Corporation, BV
Financial Fitness Center, cdcb | come dream. come build.,
Center for Transforming Lives, COPS/Metro Alliance, Dallas Area
Interfaith, Equal Justice Center, The Houston Area Urban
League, Prof. Neil L. Sobol, Texas A&M University School of
Law,* RAISE Texas, Texas Appleseed, The Metropolitan
Organization (TMO), United Way of Central Texas, United Way of
Metropolitan Dallas, United Way of Tarrant County, United Ways
of Texas, Valley interfaith, Zan Wesley Holmes, Jr Community
Outreach Center
Utah: Prof. Jacob S. Rugh, Brigham Young University,* Prof.
Christopher L. Peterson, University of Utah, S.J. Quinney
College of Law*
Virginia: Legal Aid Justice Center, Virginia Citizens
Consumer Council, Virginia Poverty Law Center, Virginia
Organizing
Washington: Economic Opportunity Institute, Unemployment
Law Project, Wenatchee for Immigrant Justice
West Virginia: WV Citizen Action
Wisconsin: Wisconsin Indigenous Economic Development
Corporation
For these reasons, we oppose H.R. 7423.
Sincerely,
Maxine Waters,
Ranking Member.
Nydia M. Velazquez,
Brad Sherman,
Stephen F. Lynch,
Al Green,
Emanuel Cleaver, II,
Bill Foster,
Joyce Beatty,
Ayanna Pressley,
Rashida Tlaib,
Sylvia R. Garcia,
Nikema Williams,
Members of Congress.
[all]