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Coalition urges Congress to halt CFPB rule on ‘payday’ loans

Joe Mont | February 6, 2018

On Feb. 6, 23 free market groups led by the Competitive Enterprise Institute, petitioned Congress to stop the Consumer Financial Protection Bureau’s rule against short-term “payday” loans.

“The CFPB’s rule will make it harder for millions of struggling Americans to cover emergency expenses between paychecks,” said Daniel Press, a CEI policy analyst and author of a recent report on the rule.

The rule, he and other critics say, also deprives state legislators from deciding how to regulate small dollar loans.

Federal legislators have until March 5 to rescind the rule using the Congressional Review Acta and House Joint Resolution 122, introduced by Rep. Dennis Ross (R-Fla.) and co-sponsored by Reps. Alcee Hastings (D-Fla.), Henry Cuellar (D-Texas), Collin Peterson (D-Minn.), Steve Stivers (R-Ohio), and Tom Graves (R-Ga.).

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