Payday Loan Lending
By Jer Trihouse. The battle between the CFPB and payday lenders is not yet decided. It appears the members of the U.S. House of Representatives understand how important access to credit is for consumers throughout America!
It’s refreshing to witness the heroic efforts by our representatives in the House against unelected CFPB bureaucrats and their draconian efforts to place credit restrictions on consumers for solving their daily financial challenges.
FISCA represents the thousands of small mom and pop payday loan operators offering short-term, small dollar loans to their clients.
Having actually visited payday loan stores in California, Nevada and Tennessee recently (unlike any CFPB employee), I can attest to the fact that consumers are scared. They are VERY worried that they will no longer have access to a $300 – $1000 payday loan from thier local loan center when facing a financial emergency.
Payday Lenders Win
Per Ed D’Alessio, FiSCA’s Executive Director, “By passing H.R. 5485 and rejecting the Sewell-Waters Amendment, this bipartisan group of lawmakers took an important step in keeping critical and often lifesaving lines of credit open for hard-working Americans.”
“H.R. 5485 requires the Consumer Financial Protection Bureau (CFPB) to pause the implementation of the proposed federal rules governing small dollar lending in America, an extensive and economically devastating regulation that would deny access to short-term credit options to millions of Americans.”
Financial Service Centers Of America Statement In Response To H.R. 5485 And Sewell-Waters Amendment Votes
WASHINGTON, July 8, 2016 /PRNewswire/ — Financial Service Centers of America (FiSCA), the national trade association representing 5,000-member financial service center locations around the U.S., issued the following statement today in response to the votes on H.R. 5485, the FY 2017 Financial Services and General Government Appropriations Act, and the Sewell-Waters Amendment #17: “We applaud the…