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Bankers urge guardrails as House panel weighs bill on coerced debt
Summary
Testifying on H.385, Chris Delia of the bankers association told the House Judiciary Committee he supports relief for victims of coerced debt but warned that weak procedures could invite fraud and that creditors need a clear path to recover losses and, in some cases, pursue third-party perpetrators.
Chris Delia, who identified himself as president for Mount Bankers Association, told the House Judiciary Committee on Friday that his organization supports finding a remedy for victims of coerced debt but urged lawmakers to add safeguards to prevent fraud.
"We absolutely wanna find a solution to the victims of coerced debt, especially when they're in situations where there is the threat or actual violence," Delia said in opening testimony, adding that banks want to avoid opening a process that could be exploited by bad actors. He said the association’s responses to the commerce committee were designed to "put additional guardrails around a very new program" and that those guardrails would not prevent a debtor from…
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