Lawmakers are fighting efforts to rein in lending that is predatory.

Lawmakers are fighting efforts to rein in lending that is predatory.

In a bizarre display of bipartisan cooperation, a few Democratic lawmakers have actually joined Republicans in wanting to cripple the customer Financial Protection Bureau.

The real question is: Why?

Especially, Florida Rep. Debbie Wasserman Schultz, whom additionally functions as chairwoman for the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and preference Act, which may undermine the watchdog agency’s pending efforts to rein in lending that is predatory.

The bill would wait regulations that are federal payday loan providers by couple of years. It allows states to adopt more rules that are lenient the industry.

Wasserman Schultz is accompanied by eight other Democrats in co-sponsoring the legislation alongside twice as numerous Republicans.

Weakening — and even better, shutting down — the customer Financial Protection Bureau happens to be on top of Republicans’ to-do list considering that the agency was made included in the reform that is financial passed away this season. What the law states had been an answer to your mortgage meltdown that almost plunged the whole world as a 2nd Great Depression. Continue reading “Lawmakers are fighting efforts to rein in lending that is predatory.”