In a strange display of bipartisan cooperation, a number of Democratic lawmakers have actually joined Republicans in trying to cripple the buyer Financial Protection Bureau.
The real question is: Why?
Such as, Florida Rep. Debbie Wasserman Schultz, whom additionally functions as chairwoman for the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and solution Act, which will undermine the watchdog agency’s pending efforts to rein in lending that is predatory.
The bill would postpone federal laws for payday loan providers by couple of years. It will allow states to adopt more lenient rules for the industry.