Congresswoman Jennifer Wexton Presses CFPB Director on Predatory Car Title Lending Rule
Washington, DC, March 7, 2019
Congresswoman Jennifer Wexton questioned the Director of the Consumer Financial Protection Bureau, Kathy Kraninger, on the Bureau's efforts to block a rule meant to protect consumers from predatory payday and car title lending
In light of a recent decision by the Consumer Financial Protections Bureau to block a rule meant to protect buyers from predatory payday and car title lenders, Congresswoman Wexton asked Director Kraninger several questions, with specific reference to the impact car title lending has had on consumers in Virginia.
"Director Kraninger issued non-answer after non-answer and refused to engage in a good faith discussion on the impacts of car title lending in Virginia. This underregulated industry has trapped tens of thousands of Virginia consumers in a vicious cycle of debt," said Congresswoman Jennifer Wexton. "I'm deeply troubled by Director Kraninger's decision to side with payday and car title lenders over consumers. The CFPB should be protecting consumers from predatory lenders, not the other way around."
Watch Congresswoman Jennifer Wexton at today's Financial Services Committee hearing here.
Key Statistics from Virginia Bureau of Financial Institutions:
42,690 - Total number of individual borrowers that failed to make a monthly payment on a motor vehicle title loan for at least 60 days in 2017.