Political Quotes

“Today I rise in support of the CFPB's recent efforts to rein in predatory practices utilized by payday lenders across this country. I am opposed to any congressional efforts to weaken or prohibit regulations of these actors. That is why I have offered an amendment striking section 639 of the underlying bill, which prohibits funds from being used by the CFPB to enforce any regulations or rules with respect to payday loans, vehicle title loans, or other similar loans during the fiscal year 2017. I am proud to be joined by my colleagues, Representatives Waters, Ellison, and Hinojosa, in offering this simple yet critically important amendment. President Obama's visit to Birmingham, Alabama, in the heart of my district in March 2015 to announce CFPB's efforts to address predatory lending practices was something that was very important to my constituency. During his speech, he noted that there were four times as many payday lenders in Alabama as there were McDonald's. Additionally, there are more title loan lenders per capita in Alabama than any other State. This stark contrast not only illustrates the pervasiveness of this industry participant but, rather, underscores the critical need for stronger consumer protections to fight against unfair and abusive lending practices.…”