Advance America's Jamie Fulmer discussed the Consumer Financial Protection Bureau’s proposed payday lending rules and the negative effects of the Justice Department's Operation Choke Point on the Hugh Hewitt Show.
“Operation Choke Point is a government program that is presented by regulators – including the CFPB, FDIC and OCC – as an effort to address illegal operators in the marketplace,” said Fulmer. “However, they’re using that mantra to go after the legal, regulated market.”
“It’s an ideological crusade,” said Hewitt. “Why is the administration trying to put legal lenders out of business when there’s a demand for it, and what’s going to happen to those who rely on short-term loans if the CFPB eliminates the industry with its new rules?”
“There’s a singular focus on eliminating regulated lenders based on a bias and personal ideology of those regulators,” Fulmer said. “We want to be in a regulated environment, but those regulations need to be equal among all products and services.”
Fulmer continued to say that the government is choosing winners and losers in the lending marketplace.
“Our customers believe very strongly that it should be their decision to use our products and services.”
“This is an iceberg issue. You are the tip of the iceberg. People can see that, and below the surface, more sectors of the government are running wild,” said Hewitt.
Jamie Fulmer’s interview starts at the fifteen minute mark. Listen here.