When I saw that number spelled out, I realized that the proposed rule is meant to put companies like mine out of business, not to protect consumers. Without evidence, the bureau decided that payday loans are harmful to consumers. Instead of talking to people who use payday loans to find out why they make that decision, the CFPBlet activists with their own agendas write the rule. During one small-business panel discussion, I asked CFPB officials if the bureau had looked at existing state laws to fully understand how payday loans are regulated. The answer was no. My home state of Florida is one of more than30 states that has payday-lending laws with strong consumer protections that could serve as a model for the country. But in typical Washington fashion, CFPB bureaucrats think they have all the answers. They made no effort to learn from state policymakers who have spent decades creating payday-lending regulations that protect consumers and make sure they have fair access to credit. http

When I saw that number spelled out, I realized that the proposed rule is meant to put companies like mine out of business, not to protect consumers. Without evidence, the bureau decided that payday loans are harmful to consumers. Instead of talking to people who use payday loans to find out why they make that decision, the CFPBlet activists with their own agendas write the rule. During one small-business panel discussion, I asked CFPB officials if the bureau had looked at existing state laws to fully understand how payday loans are regulated. The answer was no. My home state of Florida is one of more than30 states that has payday-lending laws with strong consumer protections that could serve as a model for the country. But in typical Washington fashion, CFPB bureaucrats think they have all the answers. They made no effort to learn from state policymakers who have spent decades creating payday-lending regulations that protect consumers and make sure they have fair access to credit. http

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