Cong. Williams: On CFPB Punishing Vulnerable Americans

Texas Insider Report: WASHINGTON D.C. (AUSTIN TEXAS)  U.S. Congressman Roger Williams (R Austin) released the following statement after Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced they would be taking away access to small-dollar emergency loans:

Once again Director Cordray has decided to punish hardworking American consumers by taking away their right to small-dollar emergency loans. As I said back in 2016 when Obama implemented harsher lending restrictions Washington bureaucrats will never experience the financial instability that many of our hardworking families do. We must correct this system by rolling back the rule-making authority of this agency whose decisions are guided by scholars" rather than industry and subject matter experts. This is not the first time that Cordray has recklessly disregarded the opinions of concerned Americans and instead chose to promote his own personal beliefs above all else. Dodd-Frank was misguided legislation that continues to harm millions of Americans and businesses to this day. However the most damaging effects of the bill came with the creation of the CFPB: another government entity that relies on unelected bureaucrats to decide the well-being of the American consumer. I strongly encourage Congress to work to reverse this irresponsible action and I look forward to working with my colleagues on the House Committee on Financial Services to address this matter."

Click here or on the image below to watch Williams question the CFPBs Acting Deputy Director David Silberman in 2016 during the Financial Institutions and Consumer Credits subcommittee hearing on small dollar lending.