Over the years, much has been written and said about the payday lending industry. The industry has been widely criticized by consumer advocacy organizations and politicians. The Consumer Financial Protection Bureau has made it their priority to file new, burdensome, job-killing regulation impacting this industry.
Florida has had robust laws and regulatory oversight in place for more than 15 years to ensure Floridians are protected and have access to credit and cash when emergencies happen. Consumer advocacy organizations have used misleading and questionable math to create confusion about payday lending products; and have done little to demonstrate that they understand that Americans use these services and deserve financial choice.
While a robust dialogue about all forms of financial products is critical and regulation to protect consumers is necessary, removing a source of credit for hard-working Americans and eliminating choice should not be the focus of any federal agency. Those struggling the most in desperate situations will search for less reputable, unregulated sources of credit, and be devastated by high costs or unavailable loans.
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