Patrick McHenryChairman

Washington, July 7, 2020 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement after the Consumer Financial Protection Bureau (CFPB) issued its final rule on small-dollar lending:

“Now more than ever, it is critical families in need have access to every option to cover unexpected costs. For millions of Americans, small-dollar, short-term lending can be a lifeline in difficult times. Today’s move by the CFPB ensures borrowers have access to these loans and will increase competition and choice in the market, ultimately benefitting the loan recipient. I applaud Director Kraninger’s work to finalize this rule and will continue to work with her to ensure diligent oversight of this industry and the wellbeing of consumers who rely on this lending option.”