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Florida fights federal government legislation of payday advances, pushes law that is own national model

A former Florida lawmaker who was instrumental in helping the Sunshine State pass one of toughest laws protecting consumers from predatory lending is warning that the federal proposal is too heavy-handed, strips states of their rights and deprives consumers of emergency lending options as the Consumer Financial Protection Bureau embarks on a rule-making process that payday lenders estimate will put 70 percent of their industry out of business.

“People need usage of small-dollar loans should they don’t have credit, not to mention good credit, and now we discovered it had been crucial in order for them to have that access,” Kendrick Meek, an old Democratic congressman from Miami, told The Washington instances. “Our payday lending legislation in Florida happens to be effective as it keeps use of small-dollar loans and in addition protects the residents of Florida.

“A federal guideline preempting the Florida legislation could be a big blunder. Themselves into financial trouble, when you have something that has been proven and is working, it would be a big mistake to ignore that,” he said when you see a law that is being effective, and preventing consumers from getting.

Yet the CFPB appears intent on doing this.

In April, the complete Florida delegation inside the U.S. House of Representatives published a page urging CFPB Director Richard Cordray to make use of Florida’s lending that is payday as a model for nationwide legislation.


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