Van Hollen Presses CFPBвЂ™s Kraninger on Proposed Rollback of Payday Lending Consumer Protections
вЂњYou are opening the doorway to bad actors вЂ“ it is really crazyвЂќ
Today U.S. Senator Chris Van Hollen (D-MD) questioned customer Financial Protection Bureau (CFPB) Director Kathy Kraninger from the BureauвЂ™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 youвЂ™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.