CFPB’s Commercial Collection Agency, Payday Lending Rules Come Under Fire In Congressional Hearing

CFPB’s Commercial Collection Agency, Payday Lending Rules Come Under Fire In Congressional Hearing

Payday financing practices once again arrived under fire Wednesday from people of the U.S. Congress, as Kathy Kraninger, director for the customer Finance Protection Bureau (CFPB), encountered lawmakers in their semi-annual writeup on the agency.

The hearing, ahead of the U.S. home Committee on Financial Services, came a couple of days after U.S. Rep. Ayanna Pressley of Massachusetts introduced legislation that is new would need the CFPB to manage your debt collection industry. Through the hearing, U.S. Rep. Maxine Waters of California blasted the agency and Kraninger over debt collection, along with payday lending rules wednesday.

“You have actually helped payday lenders by going to wait and weaken the buyer Bureau’s payday, small-dollar and automobile name guideline, which may have placed an end to abusive payday advances,” Waters stated. Pokračování textu CFPB’s Commercial Collection Agency, Payday Lending Rules Come Under Fire In Congressional Hearing