Payday Rule Pullback is Another Example of CFPB Deregulation

19 January, 2018, 02:07 | Author: Kim Reid
  • Payday Rule Pullback is Another Example of CFPB Deregulation

The Consumer Financial Protection Bureau on enforcement, supervision, rule-making, market monitoring and education - which is most everything the Obama-era regulator was set up to do.

"Millions of American consumers use small-dollar loans to manage budget shortfalls or unexpected expenses", he said.

"The (Payday) rule was finalized only after a coalition of over 750 civil rights, consumer, labor, faith, veterans, seniors and community organizations from all 50 states energized a years-long effort to push the Consumer Bureau for these protections from predatory payday and vehicle title lending. By scrapping this rule, Mulvaney will allow his campaign donors to continue to generate massive fees peddling some of the most abusive financial products in existence", Warren said.

"In this New Year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau's statutory mandate".

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The first request for information will focus on so-called civil investigative demands, known as CIDs, which are issued to companies during enforcement investigations.

"Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process", Mulvaney said.

Jabo Covert, vice president of government relations for the Cleveland, Tenn.,-based payday lender Check Into Cash, welcomed the CFPB review of the pending payday lending rules, although he said Check Into Cash and others in the industry are still having to prepare for the change in rules next year. Shown is Mulvaney in November.

A CFPB spokesman referred questions about what specifically the bureau plans to do with the payday lending rule to Mulvaney's office in the White House, which declined to comment beyond the original statement. In her latest legal challenge, English's appeal stated that she was "entitled by law" to hold the acting director position that was given to her by outgoing CFPB director Richard Cordray in November.

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"It is a troubling move from a man who is clearly hellbent on dismantling the agency he has been tasked with overseeing when he should be fulfilling its mission to protect consumers and hold bad financial actors accountable", Frisch said.

"Millions of Americans will have few other options to cover urgent expenses like rent, a auto payment, or a medical emergency if regulators succeed in shutting off access to small dollar loans", said Daniel Press, CEI policy analyst and author of the report, How the Consumer Financial Protection Bureau's Payday Loan Rule Hurts the Working Poor.

The agency has provided consumers about $12 billion in refunds and debt relief from financial institutions since opening in 2011.

English filed her appeal on January 12, and it is unclear when the court will review and rule on this case.

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