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Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending
Source: NPR
Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending
March 7, 2019 5:07 AM ET
Heard on Morning Edition
DANIELLA CHESLOW
-snip-
A rule drawn up by the CFPB under then President Barack Obama would make it harder for Angela to get her payday loan. Under the proposed rule, which did not take effect, lenders would have to determine that borrowers could afford to repay their loans. Now the bureau has proposed rescinding the rule. It is the first high-profile move by Kathy Kraninger, who was confirmed as the CFPB's director in late 2018.
On Thursday, Kraninger is scheduled to face the House Financial Services Committee. Chairwoman Maxine Waters, D-Calif., said she will be scrutinizing the payday lending industry closely.
"We have worked very hard on payday lending, and it is so detrimental to so many communities, and so we are absolutely looking at that and focusing on that and seeing what we can do with that," Waters said Wednesday.
She spoke after reintroducing the Consumers First Act, which was put forward in October 2018 and directs the CFPB to do its job — including maintaining adequate staffing and restoring enforcement for student and military borrowers. The bill may pass in the Democratic-controlled House but is unlikely to pass in the Senate, where Republicans hold the majority.
-snip-
March 7, 2019 5:07 AM ET
Heard on Morning Edition
DANIELLA CHESLOW
-snip-
A rule drawn up by the CFPB under then President Barack Obama would make it harder for Angela to get her payday loan. Under the proposed rule, which did not take effect, lenders would have to determine that borrowers could afford to repay their loans. Now the bureau has proposed rescinding the rule. It is the first high-profile move by Kathy Kraninger, who was confirmed as the CFPB's director in late 2018.
On Thursday, Kraninger is scheduled to face the House Financial Services Committee. Chairwoman Maxine Waters, D-Calif., said she will be scrutinizing the payday lending industry closely.
"We have worked very hard on payday lending, and it is so detrimental to so many communities, and so we are absolutely looking at that and focusing on that and seeing what we can do with that," Waters said Wednesday.
She spoke after reintroducing the Consumers First Act, which was put forward in October 2018 and directs the CFPB to do its job — including maintaining adequate staffing and restoring enforcement for student and military borrowers. The bill may pass in the Democratic-controlled House but is unlikely to pass in the Senate, where Republicans hold the majority.
-snip-
Read more: https://www.npr.org/2019/03/07/700740998/move-to-pull-consumer-protection-rule-heightens-debate-over-payday-lending