Terri Sewell: “Today, I rise to talk about the critical need for the stronger oversight of payday lenders. In March, I welcomed…”

“Today, I rise to talk about the critical need for the stronger oversight of payday lenders. In March, I welcomed President Obama to the city of Birmingham, in my district, where he highlighted our Nation's economic recovery and put a spotlight on the areas that needed the most improvement. The President highlighted the urgent need for better regulations of the payday lending industry--the very same day that the Consumer Financial Protection Bureau unveiled proposals to rein in this loosely regulated industry. I hope that my colleagues will join me in supporting the CFPB's efforts to ensure that these products help--not harm--consumers. The payday lending and title loan industry must take steps to ensure that borrowers understand the loan terms and have the resources to pay them back. In my district, the proliferation of payday lending is, really, unacceptable. On every corner, you will find a payday lender. In fact, the President quoted that there were more payday lending institutions in my district than there were McDonald's. These borrowers are disproportionately African American and Latino--two communities that were severely impacted by the predatory lending practices, and far too many of these borrowers find themselves trapped in a cycle of debt. In the coming weeks, I plan to introduce a bill and to spearhead efforts, led by consumer industry groups, to protect consumers from predatory lending. I ask my colleagues to join me.…”