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Statement from USCC on New CFPB Payday Lending Rules

posted March 26, 2015

 

March 26, 2015 – Washington, D.C. – U.S. Consumer Coalition senior advisor Brian Wise released the following statement regarding new rules from the Consumer Financial Protection Bureau (CFPB) regulating certain short-term and installment loan products. Mr. Wise will make similar comments today at a field hearing held by CFPB Director Richard Cordray in Virginia.

“When the CFPB was created, consumer advocates hoped that it would be an agency that would partner with other regulators to protect consumers against fraud. Unfortunately, this rule demonstrates that rather than protecting consumers against fraud, the CFPB is more concerned with attempting to protect consumers from themselves.

Consumers should be viewed by government as smart enough to make decisions for themselves. They should be allowed to access the products and services that they want without interference from unelected bureaucrats at an unaccountable government agency.”

 

The U.S. Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.

Press Contact:
Raymond Niemiec
Phone: (202) 617-6155
Email: media@usconsumers.org