By: Jer Ayles-Trihouse. Financial, fintech, banking and credit union trade groups are storming Congress to repeal all upcoming CFPB [Consumer Financial Protection Bureau] rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act.
All of us in the payday loan, installment loan, short term loan and car title loan industry are fully aware that the CFPB is about to finalize several rules, including arbitration, small dollar, third-party debt collection prepaid cards… having a deleterious and ultimate choke hold on consumers, the economy, and balance sheet lenders.
It’s time for Congress and President Trump to implement their authority under the Congressional Review Act (CRA) to blow-up these threats by the CFPB!
Meanwhile, we’re all forced to spend HUGE amounts of MONEY and Time dealing with CFPB rules that will likely NEVER SEE THE LIGHT OF DAY!
The structure of the CFPB has been determined to be unconstitutional by a federal D.C. Court!
So, let’s get back to serving the desires of the millions of borrowers who VOTE for payday loans, title loans, small dollar short term loans demonstrated by their DAILY USE OF OUR FINANCIAL PRODUCTS, and allow us to continue to develop new loan products at reduced rates and fees for our clients.
The CFPB is already a dinosaur that stifles competition, destroys consumer ability to make choices that fit their own unique financial situation and puts millions of dollars in the pockets of lawyers, consultants and lobbyists RATHER than allowing balance sheet lenders to focus on providing outstanding service at fair rates!
The future of our small dollar, short term lending industry has not looked this bright in a LONG TIME. There is still tremendous opportunity for “mom-and-pops,” venture capitalists, hedge funds, and vendors such as loan management softeare companies, ACH/ICL/DEBIT providers, tribes, money transfer system conduits… to enter and SERIOUSLY PROSPER in our industry!
Excited? Wnat to learn more? Need help? Got a question? Jer@TrihouseConsulting.com 702-208-6736
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Now go make some $$. Jer Trihouse