Full Committee Hearing

Protecting Americans from Debt Traps by Extending the Military's 36% Interest Rate Cap to Everyone

Date:   Thursday, July 29, 2021 Time:   10:00 AM Location:   Dirksen Senate Office Building 538

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Topic

THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION, HYBRID FORMAT to conduct a hearing entitled, “Protecting Americans from Debt Traps by Extending the Military's 36% Interest Rate Cap to Everyone.”  The witnesses on Panel I will be: The Honorable Glenn Grothman, Representative (WI-6), United States House of Representatives; The Honorable Jesús G. “Chuy” García, Representative (IL-4), United States House of Representatives; and The Honorable Barry Loudermilk, Representative (GA-11), United States House of Representatives. The witnesses on Panel II will be: Mrs. Hollister K. Petraeus, Former Assistant Director for Servicemember Affairs, Consumer Financial Protection Bureau; Ms. Ashley Harrington, Federal Advocacy Director and Senior Counsel, Center for Responsible Lending; Mr. Richard Williams, President/CEO, Essential Federal Credit Union; Mr. Bill Himpler, President & CEO, American Financial Services Association; Professor Thomas W. Miller, Jr., Jack Lee Chair in Financial Institutions and Consumer Finance, Mississippi State University; and Mr. David Pommerehn, General Counsel and Senior Vice President, Consumer Bankers Association.

Pursuant to guidance from the CDC and OAP, Senate office buildings are not open to the public other than official business visitors and credentialed press at this time. Accordingly, in-person visitors cannot be accommodated at this briefing. We encourage the public to utilize the Committee’s livestream of the hearing, available on the website at http://www.banking.senate.gov.

All hearings are webcast live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.

Member Statements

  1. Chairman Sherrod Brown (D - OH)
  2. Ranking Member Patrick J. Toomey (R - PA)

Witnesses

  1. The Honorable Glenn Grothman
    Representative (WI-6)
    United States House of Representatives
  2. The Honorable Jesús G. “Chuy” García
    Representative (IL-4)
    United States House of Representatives
  3. The Honorable Barry Loudermilk
    Representative (GA-11)
    United States House of Representatives
  4. Mrs. Hollister K. Petraeus
    Former Assistant Director for Servicemember Affairs
    Consumer Financial Protection Bureau
  5. Ms. Ashley Harrington
    Federal Advocacy Director and Senior Counsel
    Center for Responsible Lending
  6. Mr. Richard Williams
    President/CEO
    Essential Federal Credit Union
  7. Mr. Bill Himpler
    President & CEO
    American Financial Services Association
  8. Professor Thomas W. Miller Jr.
    Jack Lee Chair Financial Institutions and Consumer Finance
    Mississippi State University
  9. Mr. David Pommerehn
    General Counsel and Senior Vice President
    Consumer Bankers Association