About the bill
H.R. 3299 amends the Revised Statutes, the Home Owners’ Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act to require the rate of interest on certain loans remain unchanged regardless of whether a bank has subsequently sold or assigned the loan to a third party.
In 2015, the United States Court of Appeals for the Second Circuit (Second Circuit) decided in Madden v. Midland Funding, LLC (Madden) that while the National Bank Act (NBA) allowed a federally chartered bank to charge interest under the laws of its home state on loans it makes nationwide, non-banks that bought those loans could not continue to collect that interest because non-banks are generally subject to the limits of the borrower’s state. The Second Circuit did not apply the “valid …
Sponsor and status
Sponsor. Representative for North Carolina's 10th congressional district. Republican.
Last Updated: Feb 15, 2018
Length: 6 pages
115th Congress (2017–2019)
This bill was introduced in a previous session of Congress and was passed by the House on February 14, 2018 but was never passed by the Senate.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
3 Cosponsors (2 Democrats, 1 Republican)
What legislators are saying
“McHenry Bill Supporting Financial Inclusion For All Americans Passes House”
— Rep. Patrick McHenry [R-NC10] (Sponsor) on Feb 14, 2018
“Reps. Meeks and McHenry Introduce H.R. 3299 to Encourage Financial Innovation and Protect Consumers Access to Credit”
— Rep. Gregory Meeks [D-NY5] (Co-sponsor) on Jul 20, 2017
“Deploring Yet Another School Shooting”
— Rep. Steve Cohen [D-TN9] on Feb 16, 2018
Jul 11, 2016
Earlier Version — Introduced
This activity took place on a related bill, H.R. 5724 (114th).
Jul 19, 2017
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
Nov 14, 2017
Considered by House Committee on Financial Services
A committee held a hearing or business meeting about the bill.
Nov 15, 2017
A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.
Jan 30, 2018
Reported by House Committee on Financial Services
A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.
Feb 14, 2018
Passed House (Senate next)
The bill was passed in a vote in the House. It goes to the Senate next.
H.R. 3299 (115th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 3299. This is the one from the 115th Congress.
This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
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GovTrack.us. (2023). H.R. 3299 — 115th Congress: Protecting Consumers’ Access to Credit Act of 2017. Retrieved from https://www.govtrack.us/congress/bills/115/hr3299
“H.R. 3299 — 115th Congress: Protecting Consumers’ Access to Credit Act of 2017.” www.GovTrack.us. 2017. March 26, 2023 <https://www.govtrack.us/congress/bills/115/hr3299>
Protecting Consumers’ Access to Credit Act of 2017, H.R. 3299, 115th Cong..
|title=H.R. 3299 (115th)
|accessdate=March 26, 2023
|author=115th Congress (2017)
|date=July 19, 2017
|quote=Protecting Consumers’ Access to Credit Act of 2017
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GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.