Dan Crenshaw: “Nobody wants to reward bad actors. Let me just say that payday lending today is regulated at the State level. My home…”

“Nobody wants to reward bad actors. Let me just say that payday lending today is regulated at the State level. My home State of Florida has one of the most progressive and effective small-dollar-lending loan statutes in the country. It has become somewhat of a national example of the successful compromise between strong consumer protection and increased access to capital. So I hope that when the CFPB exercises the pause that we ask for in this bill, that they will take a look at some of the progressive laws that are around the country and they can balance that without denying folks access, as was pointed out. So I urge a ``no'' vote on this amendment. Mr. Chairman, I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentlewoman from Alabama (Ms. Sewell). The question was taken; and the Acting Chair announced that the noes appeared to have it.”