Payday Loans: Financial Services Subcommittee Destroys CFPB Deputy Director

Make some time available and watch the Video below. There is particularly emotional testimony at 4:16:00 when a payday loan consumer, Mr. Sherill, describes how he started his own business via “these types of loans” and has 20 employees now! His employees rely on payday loans. At times he employs payday loans to access additional business capital.

Payday loan business, car title loans, small dollar lending… CFPB under attack.

This video is a must watch for payday loan consumers, employees, operators and anyone else who believes “big brother” does not know what’s good for Americans.

Want to see CFPB Deputy Director Silberman sweat while testifying during a Financial Services subcommittee hearing titled, “Short-term, Small Dollar Lending: The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty?.”

Fun! Fun! Fun! Ms. Love, Mr. Scott and Mr. Williams all sit on the Committee and SERIOUSLY nail CFPB Silberman.

“It would be great if you all would back-off and consider the consumer.” Mr. Williams

“I’m trying to understand why you’re trying to destroy small dollar loans. They are much needed. 75% of American people live paycheck to paycheck. They have emergencies!” Mr. Scott

“You and your CFPB cohorts are trying to destroy these loans! Why are you and other regulators trying to do this to the American people?” Mr. Scott

“You’re hurting the very people who need help the most.” Mr. Scott.

“This rule will reduce lender revenue by 70%.” Mr. Guinta.

“Americans rely on these payday loan, title loan and other products.” Mr. Guinta

“On what authority does the CFPB have to eliminate these small dollar loan products?” Congressman Guinta.

“The coziness between the Community for Responsible Lending (CRL) has been widely reported. Most people would define this as inappropriate.”Mr. Rothfus.

Do you know if The Center for Responsible Lending offers any products that would compete against payday loans?” Mr. Rothfus
“I understand the Center for Responsible Lending is affiliated with credit unions.” Mr. Silberman.

Mr. Mulvaney form South Carolina at 2:19:00. YOU MUST SEE THIS 🙂

The people of America want to lead their lives. They’re tired of elitists in Washington who think they know best. The people want to make choices.” Mr. Pittenger. 2:28:00

Executive Director of Community Financial Services Association CFSA Mr. Dennis Shaul begins at 2:36:00 “CFPB is out to destroy payday loan industry!

At 2:47:00 Mr. Sherill, a consumer, does a great job of explaining why the payday loan product MUST continue to be offered in the marketplace.

“The CFPB rule will eliminate the ability for banks and credit unions to offer short term loans.” Mr. Rothfus.

It starts up again at 4:13:00 Watch it!  The consumer describes life after prison and his inability to access credit. Banks turned him down. Credit unions turned him down. A payday loan lender saved his butt. The terms were very clear. They explained the payday loan product.