Van Hollen Presses CFPB’s Kraninger on Proposed Rollback of Payday Lending Consumer Protections
“You are opening the doorway to bad actors – it is really crazy”
Today U.S. Senator Chris Van Hollen (D-MD) questioned customer Financial Protection Bureau (CFPB) Director Kathy Kraninger from the Bureau’s proposal that is recent move straight straight back guidelines to guard customers from predatory payday financing methods. Senator Van Hollen raised their concern s regarding abusive financing techniques that occur into the payday financing industry during the Senate Banking, Housing, and Urban online payday loans Kentucky Affairs Committee hearing. A transcript of the trade is below, and video clip regarding the hearing can be acquired right here .
SENATOR CHRIS VAN HOLLEN, D-MD: many thanks Mr. Chairman and many thanks Ms. Kraninger. I am extremely concerned with your final decision to first wait and then rescind the required underwriting conditions for the payday lending guideline. It appears in my experience you’re providing a complete greenlight to predatory loan providers across the nation to make the most of consumers. Senator Merkley, myself, and 47 Senators delivered you a letter on February 13 th about this problem. Did it is got by you?
KATHY KRANINGER, DIRECTOR CFPB: Yes, Senator, I Did So.
