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Sen. Cruz Admonishes CFPB’s Harmful Lending Rule

‘This rule will kill jobs, shut the doors of small businesses, and add strain on low-income families and workers struggling to access loans.’

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) today issued a statement rebuking the Consumer Financial Protection Bureau’s (CFPB) latest proposed rule structured to cut off resources to responsible consumers and small businesses. This rule would impose burdensome requirements on small-dollar lenders to determine who qualifies for a loan and when the loan can be repaid. In some cases, the rule would restrict borrowers who have paid their debts on-time, in-full from responsibly borrowing again.

“Today, the Consumer Financial Protection Bureau proposed yet another rule designed to crush small businesses, impose additional regulatory hurdles on lenders, and decimate financial opportunities for borrowers in communities that already have limited options,” Sen. Cruz said. “This rule will not only kill jobs and shut the doors of small businesses, but will also put added strain on low-income families and workers struggling to access loans. The unaccountable bureaucrats and agencies of the Obama administration continue to push progressive policies without the consent of Congress that ultimately harm the hard-working men and women already struggling in a weakened economy.

“This is why I introduced the Repeal CFPB Act with my fellow Texan, Rep. John Ratcliffe. Don’t let its name fool you. The Consumer Financial Protection Bureau does little to protect consumers. This rogue agency continues to grow in power without any accountability to Congress or to the American people. Congress must eliminate it.”