As Ed Mierzwinski explains, the payday lending industry is seeking passage of H.R. 1909, which would eliminate the Consumer Financial Protection Bureau's oversight, preempt state law, and place authority for regulating the industry in (what the industry sees as) the friendlier hands of the Office of the Comptroller of the Currency. Here's an excerpt from Ed's post:
At least one of the biggest triple-digit APR payday lenders is spending some of its massive profits on a bad legislative proposal, HR 1909, to eliminate any oversight by either state governments or the Consumer Financial Protection Bureau and move them into the arms of the industry-friendly federal bank regulator known as the OCC. Being regulated by the OCC has been a "get out of regulation free" card for the banks, so why not join them? Other high-cost financial services providers, including auto title pawn lenders, installment lenders, check cashers and many others could also use the "get out of regulation free" card the bill creates.
Comments