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Rep. Rashida Tlaib (D., Mich.) introduced a bill amendment on Wednesday targeting payday and car-title lenders by requiring the Consumer Financial Protection Bureau to provide quarterly reports to Congress with information about these lenders.
Tlaib’s amendment would be attached to the Consumers First Act, a bill that would reverse policies instituted by former CFPB acting director Mick Mulvaney and which passed the House Financial Services Committee in March.
The amendment would "add a quarterly reporting requirement that CFPB provide Congress with the number of investigations opened and closed relating to payday/car-title lenders, how many enforcement actions taken, an estimate of how much in fees payday/car-title customers paid, how many times in the previous 12 months a payday customer rolled over their loan, and how many car title loan borrowers lost their car in the previous 12 months."
Small-dollar loans amount to only 0.7 percent of complaints made to the CFPB, according to a March report.
Tlaib is not the first Democrat to target payday loans. During the Obama administration, the CFPB instituted new rules to govern payday lenders, although the Trump administration has since rolled back some of those regulations.
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