Waters Statement on Mulvaney’s Decision to Help Out Predatory Payday Lenders
Today, in response to the Consumer Financial Protection Bureau’s announcement that it will reconsider the sensible and much needed rule on payday, vehicle title, and certain high-cost installment loans, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:
“The Trump Administration has struck again as it continues efforts to roll back important protections that benefit America’s hardworking consumers. In October, under the leadership of Richard Cordray, the Consumer Financial Protection Bureau issued a rule that would put an end to predatory debt traps by requiring lenders to ensure that consumers can actually afford to pay off their payday loans. Today, Mick Mulvaney, who Trump unlawfully appointed to head the Bureau, announced his plan to strip those protections from consumers. Republicans are once again giving payday loan sharks a reprieve at the expense of hardworking Americans. This is unacceptable.”
In December, Congressional Republicans introduced a resolution to use the Congressional Review Act to repeal the Consumer Bureau’s payday rule.