Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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.).

Under the watch...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.