[Congressional Record (Bound Edition), Volume 161 (2015), Part 4]
[House]
[Page 5131]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1245
                       PAYDAY LENDING REGULATIONS

  (Ms. SEWELL of Alabama asked and was given permission to address the 
House for 1 minute.)
  Ms. SEWELL of Alabama. Mr. Speaker, today, I rise to talk about the 
critical need for the stronger oversight of payday lenders.
  In March, I welcomed President Obama to the city of Birmingham, in my 
district, where he highlighted our Nation's economic recovery and put a 
spotlight on the areas that needed the most improvement. The President 
highlighted the urgent need for better regulations of the payday 
lending industry--the very same day that the Consumer Financial 
Protection Bureau unveiled proposals to rein in this loosely regulated 
industry.
  I hope that my colleagues will join me in supporting the CFPB's 
efforts to ensure that these products help--not harm--consumers. The 
payday lending and title loan industry must take steps to ensure that 
borrowers understand the loan terms and have the resources to pay them 
back.
  In my district, the proliferation of payday lending is, really, 
unacceptable. On every corner, you will find a payday lender. In fact, 
the President quoted that there were more payday lending institutions 
in my district than there were McDonald's. These borrowers are 
disproportionately African American and Latino--two communities that 
were severely impacted by the predatory lending practices, and far too 
many of these borrowers find themselves trapped in a cycle of debt.
  In the coming weeks, I plan to introduce a bill and to spearhead 
efforts, led by consumer industry groups, to protect consumers from 
predatory lending. I ask my colleagues to join me. These good people 
are my constituents and are not this industry's prey.

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