Political Quotes

“Correct. Mr. McHENRY. Okay. Madam Chair, I thank the gentlewoman for clarifying. Madam Chair, looking at this, that means that on a quarterly basis, it is an annual report. It is a bit clunky. What we already see with the issues of payday and car title lenders, we know that those are State-regulated products, but we also know, according to the Bureau's 2018 Consumer Response Annual Report, payday loans account for 0.7 percent of consumer complaints, title loans account for 0.2 percent of consumer complaints. This is less than 1 percent of the consumer complaints the CFPB already deals with. The issues of reporting here, if this were merely an annual report to reposition the data that they put out on an annual basis, I would not see that as a burden or a major cost to the CFPB, but doing an annual report on a quarterly basis would be more costly. While I am not opposed to this data being made public--I do think that would be additive to the public--the fact that this is a quarterly filing for an annual report, I don't think that that is going to be quite as sensible as it otherwise could be. Moreover, if you look at the Consumer Response Annual Report on the consumer complaints to the CFPB, 80 percent of those consumer complaints revolve around the credit reporting agencies and credit repair firms. I think we should be focused on that, as a policy matter.…”