Page to Rep. Wasserman Schultz in the “Consumer Protection and Choice Act”

Page to Rep. Wasserman Schultz in the “Consumer Protection and Choice Act”

Dear Representative Wasserman Schultz:

A coalition of more than 200 national advocacy organizations, we write to urge you to withdraw your cosponsorship of H.R. 4018, the “Consumer Protection and Choice Act. on behalf of The Leadership Conference on Civil and Human Rights” We recognize that you have got heard from numerous advocates, both within Florida and for the nation, in regards to the approach that is troubling by this bill. Because of the severe harm payday lending causes towards the communities we represent, [1] and after reviewing H.R. 4018, we should align ourselves because of the issues which were raised.

H.R. 4018 would impose a moratorium that is two-year any rulemaking by the customer Financial Protection Bureau (CFPB) that will manage “deferred presentment transactions” – better known as, although not restricted to, alleged “payday loans.” After both of these years, it might exempt any state from CFPB lending that is payday in the event that state has enacted a regulatory system this is certainly like the one which presently exists in Florida.

No matter what the motives behind the 2001 compromise on payday financing in Florida, it really is clear that what the law states has neglected to eradicate the fundamental problem: lenders verify that borrowers have actually a income source which you can use to settle loans, however they usually do not verify that borrowers are able to repay their loans while nevertheless meeting their other bills such as lease, meals, and resources. Continue reading “Page to Rep. Wasserman Schultz in the “Consumer Protection and Choice Act””

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