The Consumer Financial Protection Bureau has proposed the rules, which would require short-term lenders to meet standards similar to those for banks, drawing quick praise from the party’s presidential contenders.
More striking, though, were the statements of support from Reps. Debbie Wasserman Schultz and Patrick Murphy, two Florida Democrats who previously opposed such a move and sponsored a bill designed to block the payday rules from taking effect.
“As a strong supporter and partner of the Consumer Financial Protection Bureau in Congress, I stand with the CFPB in its efforts to protect Americans from predatory lending,” said Ms. Wasserman Schultz, who is also chairwoman of the Democratic National Committee. “From the outset of this process, I have said that I trust the CFPB to do what’s right for consumers, and these proposed rules are an important step towards that critical goal.”
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4 comments:
I closely listen to everything this woman has to say, then go the exact opposite direction.
It works beautifully!
Pay day lending should be illegal period. There is no way a person who takes out payday loans is ever going to get back on their feet. When my wife and I were young we made it by going without all too often.
Years later I learned that people higher up in the organization who made thousands a year more than us were getting not payday loans but advances against their checks every pay period because they didn't have enough to get to the next payday. I was shocked. Needless to say some of these same people, maybe all of them, were only putting off the day they ended up bankrupt.
I am proud of my wife and I. We ended up more than comfortable today.
It used to be called loan sharking and it was illegal.
Debbie, you've been silent on this issue until now, even after you've seen it for decades. Thanks for your worthless opinion and even more worthless efforts to halt the practice.
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