On the recordJuly 6, 2016
First, just let me say the provision in question that they are trying to eliminate merely puts a pause on the CFPB's rule until it submits a detailed report. To tell us other good reasons why we ought to reject this amendment, I yield 2 minutes to my good friend from North Carolina (Mr. McHenry). Mr. McHENRY. I thank the chairman. I thank him for his great work on this bill that he has produced tonight. And I have enormous respect for my colleague from Alabama and her concerns. At risk with this amendment is cutting off access to credit for millions of Americans. Under the plan the CFPB is considering, not only would their regulation eliminate small-dollar loans, but it could also introduce significant new underwriting expenses on every loan. The result? The very consumers that need the money the most will ultimately be left in the dark. Payday lending needs to be studied, deserves to be studied, should be considered, and carefully considered. Instead, this amendment wants the CFPB to go full bore, full steam ahead, without having thoughtfully answered the question: Where will consumers that need these loans go next? {time} 2130 That is the deeper, harder issue. Outrage is easy. It is. But the tough part, indeed, the most important part for us as policymakers is to make sure that we get this right for those Americans--those millions of Americans--that actually need short-term lending.
