Steve Stivers: “I would like to thank the chairman for yielding me time and for his great work on the underlying bill, including the…”

“I would like to thank the chairman for yielding me time and for his great work on the underlying bill, including the provisions that are in the bill as we stand. I rise in strong opposition to this amendment. While I have great respect for my colleague from Alabama, the language that is proposed would strip bipartisan language that was inserted into the bill that merely puts a pause on the CFPB short-term lending rule, and the result of passing this amendment would hurt millions of consumers having any access to capital. In fact, the Independent Community Bankers of America and the National Credit Union Association--who don't agree on much--recently wrote a letter to the CFPB voicing their strong opposition to the current rule that is being proposed because they believe that it will drive them out of the short-term credit making market and stop them from serving consumers in their local communities. In fact, even the CFPB admits that 84 percent of short-term loan volumes will disappear as a result of this rule. That will leave millions of Americans without access to money that they might need to get emergency medical assistance, to pay for unexpected automobile repairs, or to heat or cool their home. This amendment is a problem. We need to allow the language in the bill to last. All it does is require the CFPB to provide documentation for what they are doing and show where consumers will be able to turn to meet their financial needs.…”