Political Quotes

“I am proud to be a supporter of H.R. 1500, the Consumers First Act. The act ensures that the Consumer Financial Protection Bureau serves its statutory purpose of protecting consumers from unfair, abusive practices, and holding greedy corporations accountable when they take advantage of people in our communities. The residents of the 13th District in Michigan are charged a whopping 369 percent APR rate by payday lenders. According to the Center for Responsible Lending, payday loans drain over $4.1 billion in fees a year from people in 35 States that allow triple digit interest rates for payday loans. Car title loans drain over $3.8 billion in fees annually from people in 22 States. Madam Chair, together, these loans drain nearly $8 billion in fees every year, money that should be going to pay rent or buy groceries. Instead, it is going to line the pockets of predatory lenders who are making record profits. Across Michigan, 600 payday lending storefronts each issue 3,000 loans a year. Most of those loans are used by a borrower to repay their prior loans; and 90 percent of these loan borrowers in Michigan re- borrow within 60 days. This is why I am offering an amendment that ensures that our residents are protected from predatory lending in the payday and auto loan industries. This amendment will provide those of us in Congress with the information necessary to know how these industries are operating and how our residents are being impacted directly.…”