By: Jer Ayles-Trihouse Consulting. Get ready my friends! Small dollar lenders [payday loans, title loans, micro-lenders, Fintech…] will likely experience a renaissance as early as 2017. The CFPB structure has already been determined to be unconstitutional. Congress cannot digest the ability of the CFPB to get funding directly from the Federal Reserve Board – really tax payer money – thus circumventuing congessional purse strings and oversite. And today, the second in command of the payday loan CFPB attack dogs took a drubbing from the Republicans who will likely determine the fate of the CFPB. Will the CFPB have ANY teeth left? Unlikely…
GABE RUBIN over at Morning Consult wrote an exciting piece describing a fractious conversation that took place between President Trump’s potential pick for head of the CFPB [Randy Neugebauer (R-Texas)] and a CFPB staffer (Silberman).
The bottom line is that these CFPB bureaucrats, who are determining the spectrum of financial products and services Americans have access to ADMITTED TO NEVER SO MUCH AS VISITING A PAYDAY LOAN STORE IN THEIR LIVES!
Meanwhile, the CFPB is proposing regulations that have, and will continue, to destroy jobs, drive entrepreneurs into banktruptcy, empty store-fronts thereby increasing commercial property vacancies and crushing commercial property valuations, while MOST IMPORTANTLY denying consumers the right to choose what financial product BEST SERVES THEIR NEEDS!
As Gabe reports it, “The hearing started off testily, with House Financial Services Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer (R-Texas) decrying the CFPB’s “paternalistic erosion of consumer product choices” in short-term, small-dollar lending.”
‘It got worse from there. “What the heck is a scholar on payday lending? Is it someone like you, who has never been to a store?” Rep. Roger Williams (R-Texas), asked Silberman to rollicking laughter of his fellow Republicans on the committee.’
[Gabe wrote that Silberman had conceded earlier in the hearing that he had not personally been to a payday lender storefront, though his staff had.]
“It would be great if you’d back off a little bit and realize that consumers know better,” Williams said.
Are you ready to jump into the business of making money by lending money? Get started! Learn the ropes! Get our Book. Schedule a call! It’s going to be fun times for those few entrepreneurs who have access to a few bucks and some guts!