Payday lending supporters attack CFPB; top industry lenders face RICO charges

For years deceptive and predatory lenders have bilked millions of trusting consumers from their hard-earned monies, while consumer advocates have fought back for fair and transparent lending. On Feb. 11, 2016 another contentious round of exchanges on debt-trap lending occurred on Capitol Hill. Unlike previous forums, however, this one came with an open bias.

A subcommittee of House Financial Services held a hearing named, “Short-term, Small Dollar Lending: the CFPB’s [Consumer Financial Protection Bureau] Assault on Access to Credit and Trampling of State and Tribal Sovereignty.”

With a title like that, the presumption of objectivity took a holiday. Committee members and most panelists criticized the consumer protection agency for proposing rules to rein in abusive practices in the payday loan market.

http://thewestsidegazette.com/payday-lending-supporters-attack-cfpb-top-industry-lenders-face-rico-charges/