You are here

Coalition Urges Congress to Halt CFPB Rule on ‘Payday’ Loans

Citations

Compliance Week covers CEI's coalition letter urging Congress to stop the CFPB's payday-loan rule.

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.

Read the full article at Compliance Week.