House Bid to Ax Payday Rule Kicks Off With Bipartisan Support

Bloomberg BNA covers introduced legislation that would block the CFPB’s payday lending rule.

A House resolution to repeal the Consumer Financial Protection Bureau’s small-dollar lending rule was introduced Dec.1 by a bipartisan group of lawmakers.

The legislation uses the Congressional Review Act to halt the bureau’s regulatory crackdown on payday lenders and prevent it from issuing similar regulations in the future.

The resolution is sponsored by Rep. Dennis Ross (R-Fla.) and cosponsored by Reps. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio) and Collin Peterson (D-Minn.).

Daniel Press, a policy analyst at the Competitive Enterprise Institute, praised House lawmakers for showing leadership. “If implemented, the rule would leave millions of Americans in a real bind at exactly the time they need a fast loan to cover an urgent expense,” he said in a statement.

Read the full article at Bloomberg BNA.