Even though recent surveys indicate that the overwhelming majority of Americans want more regulation of payday lending, federal lawmakers are attempting to strip the Consumer Financial Protection Bureau of any authority over these short-term, high-cost loans.
The draft legislation — dubbed the Financial Choice Act 2.0 — is a revision of the previous Financial Choice Act introduced by bank-backed Texas Rep. Jeb Hensarling last year.
The 593-page draft [PDF] aims to roll back several provisions under the Dodd-Frank Wall Street Reform and Consumer Protection Act and limit the CFBP’s ability to oversee the entire financial industry.
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3 comments:
This bull5hIte. It takes advantage of the most vulnerable, including those of lower ranks of our military.
This is exactly what we voted for: less government intrusion into our lives. I am happy to see it. If you're worried, buyer beware.
Disgraceful! Too many desperate people have been taken in by these things. Fortunately, they're illegal in Maryland.
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