[Congressional Record Volume 162, Number 109 (Thursday, July 7, 2016)]
[Extensions of Remarks]
[Page E1056]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS ACT, 2017

                                 ______
                                 

                               speech of

                         HON. ALCEE L. HASTINGS

                               of florida

                    in the house of representatives

                        Wednesday, July 6, 2016

       The House in Committee of the Whole House on the state of 
     the Union had under consideration the bill (H.R. 5485) making 
     appropriations for financial services and general government 
     for the fiscal year ending September 30, 2017, and for other 
     purposes:

  Mr. HASTINGS. Mr. Chair, this body will vote on amendments to H.R. 
5485, Financial Services and General Government Appropriations Act, 
2017. Included in these amendments was Amendment Number 17, which would 
have struck language from the underlying legislation that delays the 
implementation of the Consumer Financial Protection Bureau's (CFPB) 
recently proposed rule regulating payday loans. While I will not be 
present to vote on the adoption of this amendment, I will vote against 
this measure.
  It is an unfortunate reality that many people live paycheck-to-
paycheck in this country. For these individuals, any unexpected bill, 
whether it is a car repair or a medical emergency, can wreak havoc. 
Short-term, small-dollar loans are essential resources for those who 
need just a little help overcoming these types of unexpected expenses. 
Likewise, just as these small-dollar, short-term loans are essential to 
many working-class American families, protecting consumers from 
unscrupulous actors is also imperative.
  However, I fear that in trying to protect consumers, the CFPB's 
proposed rule will cut off access to short-term credit without 
providing a necessary alternative. By some estimates, the current 
proposed rule will force nearly 80 percent of payday lenders to shutter 
their doors. Ironically, in trying to protect consumers, the CFPB's 
efforts to regulate payday lenders will end up hurting consumers and 
their ability to access much needed sources of credit.
  Mr. Chair, it is for this reason that I oppose the implementation of 
the CFPB's proposed rulemaking at this time and will vote against the 
amendment preventing the rule's delay. I will continue to work 
tirelessly to ensure that an appropriate balance is struck: ensure 
working-class Americans have unencumbered access to vital short-term, 
small-dollar credit, while protecting consumers from unscrupulous 
actors in the industry.

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