On February 11, the banking institutions and credit rating Subcommittee for the House Financial solutions Committee will hold a hearing entitled вЂњShort-term, tiny Dollar Lending: the CFPBвЂ™s Assault on use of Credit and Trampling of State and Tribal Sovereignty.вЂќ
In the event that you could maybe not inform through the name alone, the hearing is certainly not meant shed any light regarding the financial obligation trap numerous borrowers end up in after taking right out payday along with other short-term, high-interest loans. Alternatively, the lending that is paydayвЂ™s allies in Congress are keeping this sham of a hearing to attack the customer Financial Protection Bureau (CFPB) because it makes brand new guidelines to rein when you look at the worst of the predatory loan providers.
Such as the users of Congress organizing the hearing, those being called to testify are allies associated with the payday financing industry. Continue reading