CFPB Rulemaking On Payday And Car Title Lending To Inform And Protect Consumers
Washington, DC – Today, Rep. Luis V. Gutiérrez (D-IL) released a statement in response to the news that the Consumer Finance Protection Board (CFPB) issued a new rule designed to protect consumers from the predatory practices of payday and car title lenders.
Rep. Gutiérrez was Chairman of the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee 2007-2010, and played a pivotal role in the crafting and passage of the Dodd Frank Wall Street Reform and Consumer Protection Act. He was a forceful advocate for the creation of the CFPB and fought for provisions to govern oversight of payday lending and forms of lending that often catch consumers in a spiral of debt.
The following is a statement by Rep. Gutiérrez, who is currently a Member of the Judiciary Committee and the Chair of the Immigration Task Force of the Congressional Hispanic Caucus.
The CFPB is doing exactly what it was designed to do, which is taking on difficult consumer protection issues and standing up for little people against the fat cats and Wall Street. Payday loans were a major issue we tried to address while we were crafting Dodd-Frank and one of my priorities as a Subcommittee Chairman negotiating a House/Senate compromise in the Conference Committee in 2010. I think CFPB is making great progress, despite the constant criticism from Republicans and this action to address payday loans is a perfect example. It is important help for the people in my district.
- Press release: CFPB Finalizes Rule to Stop Payday Debt Traps: https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-stop-payday-debt-traps/
- A video from CFPB for consumers on payday lending: https://youtu.be/XUqyyJSoM_s
- A factsheet summarizing the CFPB rule on payday loans is available at: http://files.consumerfinance.gov/f/documents/201710_cfpb_fact-sheet_payday-loans.pdf
- Text of the CFPB rule on payday loans is available at: http://files.consumerfinance.gov/f/documents/201710_cfpb_final-rule_payday-loans-rule.pdf
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