Comprehensive Debt Collection Improvement Act

Floor Speech

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Mr. STEIL. Madam Speaker, I rise in opposition to this act.

American families' access to affordable loans depends on ensuring financial institutions have accurate credit history and can collect debts.

The bill undermines both of those core requirements of our financial system. By making it harder for lenders to learn about borrowers and collect these unpaid loans, the bill will actually end up reducing access to credit and increasing prices. Let me repeat that. It is actually going to end up reducing access to credit and is going to increase prices.

In other words, the bill before us today will actually hurt the very people it is intended to help. I think that is a really critical point here. By actually implementing this bill, what we are going to do is see higher prices, make it more difficult for individuals to obtain loans, and actually hurt those people that this bill is intended to help.

I want more American families to have responsible access to the loans they need to be able to achieve their dreams.

As anyone who has bought a home or a car or started a small business knows, access to affordable credit can be a critical lifeline.

But, unfortunately, my colleagues on the other side of the aisle, and in this bill in particular, they think that sometimes they know best. This bill, as a result, will actually hurt American families, it will hurt small businesses, and it will hurt the financial stability of our financial system. I urge my colleagues to oppose this legislation.

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