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Congresswoman Sylvia Garcia Condemns CFPB's Decision to Revoke Payday Lending Restrictions

Statement

Date: July 6, 2020
Location: Houston, TX
Issues: Finance and Banking

Today, Congresswoman Sylvia Garcia (TX-29) issued a statement condemning the Consumer Financial Protection Bureau's (CFPB) decision to revoke payday lending restrictions. This decision will gut a previous initiative aimed at protecting vulnerable consumers most at risk of falling prey to short-term, high-interest payday loans.

"Today the agency that is supposed to protect consumers instead served them up on a platter to the predatory payday lending industry," said Congresswoman Sylvia Garcia. "By repealing the 2017 rule, payday lenders can continue to offer loans to people without the ability to repay, trapping them in a vicious cycle of debt."

"This is particularly concerning as millions of hard-working Americans continue to feel the deep economic impacts of COVID-19. Our country should be protecting these Americans, not leaving them open to the predatory lending industry."


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