Florida Office of Financial Regulation (OFR) Commissioner Drew J. Breakspear sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray on June 1. The letter was responding to future proposed rules for the regulation of payday lenders, vehicle title, and similar small-dollar loans.
“I strongly support Florida’s regulatory model for payday lending, and I encourage the CFPB to consider our state’s approach as they move forward with the rulemaking process,” said OFR Commissioner Drew J. Breakspear. “Florida’s regulatory policy for payday lending is a proven model that is widely considered one of the most progressive and effective in the nation. Our regulatory policy for payday lending supports economic growth while increasing access to credit and safeguarding consumers.”
Breakspear’s letter to Cordray comes a little more than a month after the Florida Congressional Delegation wrote Cordray encouraging the CFPB to look at Florida’s payday lender model. Check out the Florida payday lender model on the OFR website.