Van Hollen Presses CFPB’s Kraninger on Proposed Rollback of Payday Lending Consumer Protections

Van Hollen Presses CFPB’s Kraninger on Proposed Rollback of Payday Lending Consumer Protections

“You are starting the doorway to bad actors – it is really crazy”

Today U.S. Senator Chris Van Hollen (D-MD) questioned Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger from the Bureau’s present proposition to move straight right right back guidelines to guard customers from predatory payday lending methods. Senator Van Hollen raised their concern s regarding abusive lending methods that take place into the payday financing industry in the Senate Banking, Housing, and Urban Affairs Committee hearing. A transcript of the change is below, and video clip regarding the hearing can be acquired right right here .

SENATOR CHRIS VAN HOLLEN, D-MD: many thanks Mr. Chairman and many thanks Ms. Kraninger. We am extremely concerned with your choice to very very first wait then rescind the required underwriting conditions of this payday lending guideline. Continue reading “Van Hollen Presses CFPB’s Kraninger on Proposed Rollback of Payday Lending Consumer Protections”