ETA Applauds the House of Representatives for Passage of the Protecting Consumers’ Access to Credit Act

H.R. 3299 provides a legislative solution to the uncertainty created by the Second Circuit case Madden v. Midland

The Electronic Transactions Association (ETA) released the following statement from CEO Jason Oxman following the House Passage of H.R. 3299, the Protecting Consumers’ Access to Credit Act:

“Passage of the bill by the House is an important step to secure long-term stability in the lending market and ensure small businesses have more options to affordably access capital.”

“Small businesses rely on affordable and accessible capital to hire new workers, invest in their products and drive the growth of our nation’s economy. The Madden vs. Midland ruling – which H.R. 3299 corrects — disrupted over 200 years of banking practice, hampering next-generation FinTech products and creating potentially damaging effects across the lending market.”

“By codifying the long-standing ‘valid when made’ doctrine into law, H.R. 3299 supports new and leading-edge online lending models that strengthen and make more competitive the small business lending marketplace. ETA supports a small business lending marketplace that is innovative, competitive, affordable and stable; we applaud the House for passing this important measure and encourage the Senate to move the legislation forward.”