Payday Lenders Win.
Battle with CFPB Not Over Yet.
Per Ed D’Alessio, FiSCA’s Executive Director, “By passing H.R. 5485 and rejecting the Sewell-Waters Amendment, this bipartisan group of lawmakers took an important step in keeping critical and often
lifesaving lines of credit open for hard-working Americans.”
“H.R. 5485 requires the Consumer Financial Protection Bureau (CFPB) to pause the implementation of the proposed federal rules governing small dollar lending in America, an extensive and economically devastating regulation that would deny access to short-term credit options to millions of Americans.”
Financial Service Centers Of America Statement In Response To H.R. 5485 And
Sewell-Waters Amendment Votes