More than 110 consumer advocates from 36 states are on Capitol Hill today, urging members of Congress to adopt stronger consumer financial protections for ordinary Americans rather than weaken them.
They will advocate for the preservation of the Consumer Financial Protection Bureau’s Payday Lending Rule — and of the agency itself — and for a national interest rate cap on payday loans.
Acting CFPB Director Mick Mulvaney has said the agency will revisit the payday lending rule, which requires lenders to assess a borrower’s ability to repay loans based on their income and allows no more than six loans a year or 120 days of debt without an assessment of repayment ability.
Mulvaney has also recommended that Congress curb the power and independence of the CFPB by requiring congressional approval of the agency’s rules and the creation of an inspector general’s office to monitor its activities. He requested zero funding for the agency’s current fiscal year budget.