Florida battles federal federal government legislation of payday advances, pushes law that is own nationwide 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, let alone good credit, and then we discovered it had been essential in order for them to have that access, ” Kendrick Meek, a previous Democratic congressman from Miami, told The Washington instances. “Our payday financing legislation in Florida happens to be effective given that it keeps use of small-dollar loans and in addition protects the residents of Florida.

“A federal rule preempting the Florida legislation will be a large blunder. Whenever you see a legislation that is being effective, and preventing consumers from getting by themselves into monetary difficulty, when you’ve got a thing that is proven and it is working, it could be a large error to ignore that, ” he said.

Yet the CFPB appears intent on doing this.

In April, the whole Florida delegation in the U.S. House of Representatives composed a page urging CFPB Director Richard Cordray to utilize Florida’s payday lending legislation being a model for nationwide legislation.

In a written response, Mr. Cordray stated the intent regarding the federal agency’s actions should be to coexist with strict state legislation and set up a floor that is federal. […]

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