CFPB’s Commercial Collection Agency, Payday Lending Rules Come Under Fire In Congressional Hearing

CFPB’s Commercial Collection Agency, Payday Lending Rules Come Under Fire In Congressional Hearing

Payday financing practices once again arrived under fire Wednesday (Oct. 16) from users of the U.S. Congress, as Kathy Kraninger, manager associated with customer Finance Protection Bureau (CFPB), encountered lawmakers in their semi-annual post on the agency.

The hearing, prior to the U.S. home Committee on Financial Services, came a couple of days after U.S. Rep. Ayanna Pressley of Massachusetts introduced legislation that is new would need the CFPB to modify your debt collection industry. Throughout the Wednesday hearing, U.S. Rep. Maxine Waters of Ca blasted the agency and Kraninger over business collection agencies, along with payday financing guidelines.

“You have actually helped payday lenders by going to wait and weaken the buyer Bureau’s payday, small-dollar and vehicle name guideline, which will have placed a end to payday that is abusive,” Waters stated. “You have aided debt that is predatory by issuing a poor commercial collection agency guideline, offering a green light for loan companies to intimidate consumers by delivering limitless email messages and texts and calling them seven times per week, per financial obligation, to gather debts.”

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