When Sen. Kelly Loeffler (R-GA) added her name to a letter to financial regulators in May urging them not to make changes to consumer credit reporting requirements during the pandemic, it seemed like a good case of home-state politics for the first-year senator.
Democrats had been pushing to suspend negative credit score reporting in the wake of COVID-19’s economic impact. But that was strongly opposed by the so-called Big Three credit bureaus: Equifax, Experian, and TransUnion. And one of those three, Equifax, happens to be headquartered in Atlanta, Loeffler’s hometown.
But shortly after she signed the letter, its purpose became neatly aligned with her personal financial interests as well. In August, Intercontinental Exchange—the company run by Loeffler’s husband, Jeffrey Sprecher—announced a $10 billion acquisition of home loan data giant Ellie Mae, which had stood to be hurt by the proposal for a credit reporting moratorium.