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CFPB’s Business Collection Agencies, Payday Lending Rules Come Under Fire In Congressional Hearing

CFPB’s Business Collection Agencies, Payday Lending Rules Come Under Fire In Congressional Hearing

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

The hearing, ahead of the U.S. home Committee on Financial Services, came several days after U.S. Rep. Ayanna Pressley of Massachusetts introduced brand new legislation that would need the CFPB to manage your debt collection industry. Through the Wednesday hearing, U.S. Rep. Maxine Waters of Ca blasted the agency and Kraninger over business collection agencies, along side payday financing guidelines.

“You have actually helped payday lenders by going to postpone and damage the buyer Bureau’s payday, small-dollar and vehicle title guideline, which will have placed an end to abusive pay day loans,” Waters stated. (more…)