Cotton Applauds Agreement on Economic-Growth Legislation
Contact: Caroline Rabbitt Tabler (202) 224-2353
Washington, D.C. - Senator Tom Cotton (R-Arkansas) today applauded the Senate Banking Committee's agreement on legislative proposals to improve our nation's financial regulatory framework and promote economic growth. The agreement includes the PACE Act, legislation Senator Cotton introduced earlier this year that requires Truth in Lending Act (TILA) disclosure for Property Assessed Clean Energy (PACE) loans that target low-income and elderly Americans with predatory home loans.
"This bill will provide the first real relief our community banks have seen since Dodd-Frank was passed into law seven years ago. It was wrong for them to pay the consequences of a financial crisis they didn't create, and granting them relief will mean more small-business loans and mortgages for Arkansan families,' said Senator Cotton. "I'm also pleased that the final package includes my bill that protects consumers who take out residential PACE loans. It's well past time that we require the same disclosures for PACE loans that we do of other loans, and I'm glad to see us demand the accountability working Arkansans deserve."
The package is targeted toward helping community banks, credit unions, mid-sized banks, regional banks, and custody banks. It includes important consumer protections, particularly for veterans, senior citizens, and victims of fraud.
For a section-by-section summary, click here.