Good News for Payday Loan Consumers!
The CFPB takes a “hit” from the chairwoman of the Democratic National Committee!
Surprise! CFPB Gets a Right Hook from Rep. Debbie Wasserman Schultz (D-Fla.) & H. R. 4018
Jer: Trihouse Consulting
By: Jer Trihouse. The chairwoman of the Democratic National Committee is pushing a bill H. R. 4018 that would delay new payday lending regulations.
Finally, someone in D.C displays some sense regarding the needs of millions of consumers needing access to emergency loans!
Rep. Debbie Wasserman Schultz (D-Fla.) is co-sponsoring the “Consumer Protection and Choice Act.” H. R. 4018 places a two year delay on pending rules from the CFPB – Consumer Financial Protection Bureau.
[Man, is this going to piss… I mean ANNOY, CFPB Director Cordray!]
The legislation exempts states with exisiting payday lending abuse laws from the rules. Wasserman Schultz’s home state of Florida has one such law on the books, and 12 of the bill’s 24 co-sponsors are also from the Sunshine State.
“As a state lawmaker, she helped write Florida’s law that has sharply reduced the need to go to bad actors, curbed predatory practices and created standards and protections for low-income borrowers,” Wasserman Schultz spokesman Sean Bartlett said.
Here’s a portion of H.R. 4018: (Link to H.R. 4018 at bottom)
To amend the Truth in Lending Act to establish deferred presentment transaction requirements, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Consumer Protection 5 and Choice Act’’.
REGULATION OF DEFERRED PRESENTMENT TRANSACTIONS AND DEFERRED PRESENTMENT PROVIDERS.
If the Director of the Bureau determines that a State has in effect a covered deferred presentment law, any regulations of the Bureau with respect to deferred presentment transactions and deferred presentment providers shall not apply in such State.
COVERED DEFERRED PRESENTMENT LAW DEFINED.
For purposes of this section, the term ‘covered deferred presentment law’ means a law or regulation of a State that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, which may be accomplished through existing State authority, and that meets the following requirements…
Here’s the LINK to the Bill.BILLS-114hr4018ih