A group of bipartisan lawmakers are pushing a plan to exempt pawnshops, payday lenders, check-cashing stores and installment lenders from oversight by President Obama’s new consumer finance watchdog agency, saying the oversight could restrict credit and economic opportunities for lower-income and inner-city customers.
But the Consumer Federation of America and other advocacy groups say the move runs the risk of undercutting a key power of the newConsumer Finance Protection Board (CFPB), while leaving vulnerable borrowers prey to risky, high-interest loans that leave families and small business high, dry and deeper in debt.
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