Last October, the Consumer Financial Consumer Bureau released its payday and car-title lending rule. The agency, under the leadership of Richard Cordray, spent five years developing these safeguards, which included input from lenders, faith leaders, veterans and military organizations, civil rights groups, consumer advocates, and constituents from across the country. But over the past year, predatory payday lenders have spearheaded an effort, with help from CFPB acting Director Mick Mulvaney, to stop the rule from moving forward, MorningConsult.com reported. Earlier this year, payday lenders pushed the House of Representatives and the Senate to introduce Congressional Review Act resolutions to repeal the CFPB payday rule. Americans from around the country called and wrote their members of Congress urging them not to bring the CRAs to a vote. Constituents won this fight, and lawmakers did not act on these resolutions before their deadline. Read more.
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