So, there was testimony on the rules going into affect. You can watch the Subcommittee on Economic and Consumer Policy Hearing: CFPB’s Role in Empowering Predatory Lenders: Examining the Proposed Repeal of the Payday Lending Rule HERE.
Long store short, most of the banter came from Chairman Raja Krishnamoorthi (D – IL) and Rep. Rashida Tlaib (D-MI), so you know it was a lot the typically liberal tactics. They basically grilled Mr. Thomas Pahl, who is the Policy Associate Director for Research, Markets & Regulations, Consumer Financial Protection Bureau.
The problem I have with the rules is that the changes are based more on emotion and opinion than economics. The rules are a big mess, and I think no rules are better than bad rules. I’m guessing this is what the current regime thinks of the rules that Cordray forced through…..and they’re right.
TO BE CONTINUED……