DNC Chair Wasserman Shultz wants to derail CFPB’s efforts to regulate payday lenders

According to this article by Zach Carter, "Democratic National Committee Chair Rep. Debbie Wasserman Schultz (D-Fla.) … is co-sponsoring a new bill that would gut the [Consumer Financial Protection Bureaus's] forthcoming payday loan regulations. She's also attempting to gin up Democratic support for the legislation on Capitol Hill[.]" Here's an excerpt:

The misleadingly titled Consumer Protection and Choice Act would delay the CFPB's payday lending rules by two years, and nullify its rules in any state with a payday lending law like the one adopted in Florida. The memo being passed around by Wasserman Schultz staffers describes the Florida state law as a "model" for consumer laws on payday loans, and says the CFPB should "adjust their payday lending rules to take into account actions Florida has already taken." Consumer groups are appalled by the bill. The Consumer Federation of America, the NAACP, The National Consumer Law Center, The National Council of La Raza, The Southern Poverty Law Center and hundreds of others wrote a letter to every member of Congress in December urging them to oppose the legislation. 

Go here for more reporting on the topic.

Leave a Reply

Your email address will not be published. Required fields are marked *