Domestic Policy Caucus Sends Letter to Minnesota Senators Urging Opposition to DIDMCA Opt-Out

Over the weekend, the Domestic Policy Caucus wrote to key Minnesota state senators urging opposition to the state opting out of the Depository Institutions and Monetary Control Act of 1980. 

Among other points in the letter, DPC wrote, "Right now, consumers have an array of credit options because of vibrant competition among financial institutions—particularly among federally and state-chartered banks... It is unfortunate that in passing DIDMCA, Congress included a provision that would allow state legislatures to opt out of the law... The noble objective of trying to erect guardrails to protect the rare irresponsible credit consumer would have a deleterious effect on responsible consumers by limiting everyone’s credit options... Of course, the impact of a DIDMCA opt-out would be negligible to Minnesota’s more financially well-off consumers... Less well-to-do Minnesotans and Minnesotans with sparse credit histories or imperfect credit ratings should have myriad credit options just like well-off Americans do to help them weather financial storms and build a better future for their families."

Read the full letter here.