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Banks urge caution on H.385; AARP and survivors press for protections
Summary
Banking groups warned the committee H.385 shifts investigatory burden to lenders and could create fraud and underwriting risks; AARP and survivors urged stronger access and nonjudgment exclusions, with survivor testimony describing over $20,000 in coerced debt.
Stakeholders told the House Commerce & Economic Development committee that while they broadly support protections for victims of coerced debt, the revised H.385 draft raises practical and procedural questions.
Chris Delia, president of the Vermont Bankers Association, said bankers are "horrified" by accounts of coercion and want effective protections, but he urged the committee to proceed cautiously. "It does shift the burden of analysis to the financial institution with only the data provided by the debtor," Delia said, adding that limited review time and incomplete…
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