DNC Chair Joins GOP Attack On Elizabeth Warren's Agency [View all]

[nvme]

Source: Huffington Post

"To date, the GOP blitz has resulted in a few close shaves for the young agency, but no actual defeats. But the industry has cultivated a powerful new ally in recent weeks: Democratic National Committee Chair Rep. Debbie Wasserman Schultz (D-Fla.).

Wasserman Schultz is co-sponsoring a new bill that would gut the CFPB's forthcoming payday loan regulations. She's also attempting to gin up Democratic support for the legislation on Capitol Hill, according to a memo obtained by The Huffington Post.

The misleadingly titled Consumer Protection and Choice Act would delay the CFPB's payday lending rules by two years, and nullify its rules in any state with a payday lending law like the one adopted in Florida. The memo being passed around by Wasserman Schultz staffers describes the Florida state law as a "model" for consumer laws on payday loans, and says the CFPB should "adjust their payday lending rules to take into account actions Florida has already taken."

The problem here is that Florida's law is a sham," says Gynnie Robnett, director of the Campaign to Stop the Debt Trap at Americans for Financial Reform. "It was backed by the industry."

Wasserman Schultz's spokesman Sean Bartlett defended the bill in a statement provided to HuffPost.

"As a state lawmaker, she helped write Florida’s law that has sharply reduced the need to go to bad actors, curbed predatory practices and created standards and protections for low-income borrowers," Bartlett said. The Congresswoman wants to work with the CFPB on the way forward, and believes the Florida law is an example of how to achieve their shared goals of balancing strong consumer protections with preserving access to credit in under-served communities."

Read more: http://www.huffingtonpost.com/entry/debbie-wasserman-schultz-paylenders-cfpb_us_56d4ce38e4b03260bf77e8fc

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Please, If there is anyone interested in running against this DINO D.W.S. Please Stand up I will donate, volunteer and knock on doors to see her gone. As Floridian, I am deeply disgusted every-time I see the DNC Chairperson. Seeing her advocating for predatory lending is just another reason to be sickened. <rant-off>