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AFR Statement: Congressional Move Is a Sellout to Payday Loansharks

Submitted by on December 1, 2017 – 1:18 pm
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In a dangerous move, Rep. Dennis Ross (R-Fla.), along with Rep. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), and Collin Peterson (D-Minn.), introduced joint resolution 122 that would repeal the new payday and car title lending rule finalized by the Consumer Financial Protection Bureau (Consumer Bureau) in October. The Consumer Bureau’s rule was issued after five years of analysis and public comment, including nearly half a million comments by consumers about the impact of debt trap loans on their communities.

“Attempts to roll back this protection for consumers are nothing more than a sellout to the predatory payday lenders who want to continue to enrich themselves by trapping people in a painful cycle of debt,” said Gynnie Robnett, Campaign Director at Americans for Financial Reform. “Congress should reject this and other attempts by payday lenders to undo a rule based on the common sense principle of ability to repay.”

AFR member organizations from around the country were on Capitol Hill last week lobbying in defense of the Consumer Bureau. Advocates from 17 states held meetings with more than 60 congressional offices in support of the bureau’s payday loan borrower protections.

 

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