When times are tough, access to credit becomes crucial. Policymakers know this, but sometimes, the measures that lawmakers adopt have unanticipated consequences. Unfortunately, that’s the case with two recent bills, H.R. 6370 and S. 3508, ‘‘Disaster Protection for Workers’ Credit Act of 2020’’ introduced in Congress.
Clifford Rossi, a professor of the Practice and Executive-In-Residence in the finance department at the University of Maryland’s Robert H. Smith School of Business, examines these two bills in a recent paper. Rossi explains that “If enacted, the measures would impose a moratorium on credit reporting of ‘adverse information’ for as long as we are in the coronavirus crisis… and while that sounds like a responsible goal, the measures would likely severely restrict credit to millions of consumers.” These restrictions could disproportionately impact lower-income, minority, and first-time homebuyer borrowers. Restrictions would affect everyone – significantly delaying the timing, speed and trajectory of economic recovery.
Join us for a live webinar with Professor Clifford Rossi to learn more about the potential impact of the proposed bills H.R. 6370 and S. 3508 could have on your organization and the credit reporting industry as a whole. The event will include a Congressional Legislative update by Francis Creighton, President & CEO at the Consumer Data Industry Association and a live Q&A session.