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House Members Introduce Resolution to Nullify CFPB Payday Rule
Monday, December 4, 2017 6:45 AM

A bipartisan group of House members on Friday introduced a resolution to nullify the CFPB’s payday lending rules. The rules, issued in October but only published Nov. 17, would crack down on an industry that critics contend charges exorbitant interest rates and fees—trapping borrowers into a spiral of debt.

However, the final rules also carved out an exemption for credit unions making loans based on the NCUA’s Payday Alternative Loan Program. Credit union trade groups said the final rules were much better than the proposed rules, which were issued under former CFPB Director Richard Cordray’s administration.

The agency is now run by Office of Management and Budget Director Mick Mulvaney, who, as a House member, wanted to delay the payday rules.

The House members introduced their resolution under the Congressional Review Act, which allows Congress to nullify rules within a set period of time. The resolution cannot be filibustered in the Senate.

The bill is sponsored by Rep. Dennis Ross (R-Fla.) and co-sponsored by Reps. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), and Collin Peterson (D-Minn.).

Source: Credit Union Times