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McHenry Statement on CFPB Move to Implement Debt Bondage Repair Act

Washington, Apr 7 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding the Consumer Financial Protection Bureau’s (CFPB) Notice of Proposed Rulemaking to implement his bill, H.R. 2332, the Debt Bondage Repair Act:

“I’m glad to see the CFPB move quickly to propose this rule to help survivors of human trafficking regain their livelihoods,” said Republican Leader McHenry. “This will ensure consumer credit reporting agencies do not furnish a credit report with adverse information related to debt bondage. Victims of this terrible crime often find themselves trapped in a perpetual cycle of forced labor and coerced debt—helping them get back on their feet is a nonpartisan issue. I appreciate the CFPB’s work to implement my bill and look forward to continuing to work together to help victims of trafficking regain their financial independence.”

Background:

Republican Leader McHenry introduced the Debt Bondage Repair Act last year to help the victims of human trafficking regain their livelihood and recover from the financial harm inflicted by traffickers. The House passed Republican Leader McHenry’s Debt Bondage Repair Act on June 15, 2021, and again on December 7, 2021 as part of the National Defense Authorization Act for fiscal year 2022, which was signed into law on December 27, 2022.

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