Coalition Letter: Support Congressional Disapproval of CFPB’s Small-Dollar Loan Rule
FreedomWorks has signed onto the following coalition letter, led by the Competitive Enterprise Institute. This letter supports House Joint Resolution 122, which provides for congressional disapproval under the Congressional Review Act (CRA) of the Consumer Financial Protection Bureau’s (CFPB) small-dollar loan rule.
According to analysis of the rule from CFPB itself, the rule would reduce industry revenue by 75 percent. It would also prevents state lawmakers and citizens from deciding for themselves how to regulate these small-dollar loans, which is an encroachment on principles of federalism by an extraordinarily unaccountable government agency.
The CRA tool has been incredibly effective at rolling back burdensome regulations. The CFPB small-dollar loan rule should be included in the growing list of successful CRA uses, because a vote for H.J.Res. 122 is a vote for consumers.