White House Urged to Kill Obama-era Payday Lending Rule

The Washington Times covers CEI’s letter sent to the Office of Information and Regulatory Affairs (OIRA) regarding the payday-lending rule.

A free-market group is urging the White House to rescind an Obama-era payday lending rule that is currently under review, saying the regulation would cause “paperwork proliferation on a massive scale” for lenders.

The Competitive Enterprise Institute asked the White House Office of Information and Regulatory Affairs to reject the rule because it violates the law.

The Consumer Financial Protection Bureau’s rule “violates the Paperwork Reduction Act, a longstanding law aimed at controlling regulatory burdens,” said CEI General Counsel Sam Kazman.

Read the full article at The Washington Times.