WASSERMAN SCHULTZ STATEMENT ON RELEASE OF CFPB PROPOSED RULES

Washington, DC – U.S. Rep. Debbie Wasserman Schultz (FL-23) issued the following statement today after the Consumer Financial Protection Bureau (CFPB) released its proposed rules related to small-dollar lending:

“As a strong supporter and partner of the Consumer Financial Protection Bureau in Congress, I stand with the CFPB in its efforts to protect Americans from predatory lending. From the outset of this process, I have said that I trust the CFPB to do what’s right for consumers, and these proposed rules are an important step towards that critical goal.

“I am pleased that the proposal includes lender reporting requirements to track loans and assess each borrower’s ability to repay. Florida has tracked loan data for over ten years and it has been pivotal in protecting consumers and helping to end the cycle of debt for many. The CFPB proposal also curbs the abusive lending practice of repeatedly attempting to withdraw funds from consumers’ accounts. This practice results in heavy overdraft fees for borrowers, and I support the CFPB’s plan to help rein it in and preserve access to credit without the burden of unexpected costs.

“After reviewing the proposed rule, it is clear to me that the CFPB strikes the right balance and I look forward to working with my constituents and consumer groups as the CFPB works towards a final rule.”