Several members of the U.S. House introduced a resolution last week to repeal the Consumer Financial Protection Bureau (CFPB) rule on small dollar loans through use of the Congressional Review Act (CRA). The final rule, issued in October but not published until November 17, was aimed at cracking down on predatory lending. When the rule was finalized, the League and CUNA were excited to see that the CFPB had carved out an exemption for the NCUA’s Payday Alternative Loan program.
The resolution is sponsored by Florida Rep. Dennis Ross (R) and has five co-sponsors, including Rep. Alcee Hastings (D), also from Florida. The League has already spoken with Rep. Ross’s office to voice its displeasure in this resolution and intends to send a letter to both the Alabama and Florida congressional delegations asking them not to support this repeal. Additionally, we will be working with CUNA in an effort to defeat the use of the CRA on this rule.
Please contact Senior Vice President, Association Services & Governmental Affairs , Jared Ross with any questions.