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House Republicans Are Trying to Pass the Most Dangerous Wall Street Deregulation Bill Ever

Wednesday, June 7, 2017
Hannah Levintova | Mother Jones
Diane Standaert

The CHOICE Act would eliminate the CFPB’s power to regulate “small-dollar credit,” including “payday loans, vehicle title loans, or other similar loans” with extremely high interest rates that are used by more than 19 million mostly lower income US households to make ends meet when they’re lacking other options. Given the interest, these loans can lead to a cycle of ever-growing debt—the majority of borrowers end up having to take out a second loan to cover the first.