Bipartisan House group moves to kill CFPB payday lending rule

A bipartisan group of House lawmakers want to scrap a Consumer Financial Protection Bureau rule that tightens restrictions on payday lenders, saying Friday that it’s “a de facto ban” on the industry.

“More than 1.2 million Floridians per year rely on Florida’s carefully regulated small-dollar lending industry to make ends meet,” Rep. Dennis Ross, R-Fla., said. “I and my colleagues in Congress cannot stand by while an unaccountable federal agency deprives our constituents of a lifeline in times of need, all while usurping state authority. Today, we are taking bipartisan action to stop this harmful bureaucratic overreach dead in its tracks.”