PAYDAY LOANS-OBAMA FIGHTS BACK ON CUTTING CFPB FUNDING

By | Apr 15, 2015

The payday loan-small dollar credit industry continues to fight the good fight. However, an administration source was quoted as saying: “On Wednesday, House Republicans are looking to sneak an amendment into HR 1195 that would cut CFPB funding. To be clear, any attempt to limit funding at the CFPB is an obvious effort to weaken the important consumer protections put in place following the financial crisis.”

“In the Dodd-Frank Act, Congress took important steps to promote accountability by the CFPB, such as by constraining its funding more than for any other bank supervisor. The CFPB is the first dedicated financial regulator looking out for consumers and protecting them from deceptive and unfair practices. We cannot allow this dedicated watchdog to have its resources limited in this way.”

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2 Comments so far
  1. Mary April 15, 2015 8:50 am

    It will be mid-2017 before ANYTHING the CFPB attempts to implement will be clear. By then, they’ll be buried with litigation with the likes of Advance America, ENOVA, CSH…

  2. Payday Loan Industry April 15, 2015 8:51 am

    You are absolutely correct, Mary!

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