WASHINGTON, DC – Responding to Congress passing and sending to President's Trump’s desk H.R. 1, legislation with gargantuan consequences for America, Center for Responsible Lending President Mike Calhoun issued the following statement:
For many people who live paycheck-to-paycheck, this will be a financially devastating law. This act of Congress will take critical resources away from people with the least wealth, making it more likely they will go bankrupt. Alongside steep cuts to health insurance coverage and food assistance, it will nearly halve available funds for the Consumer Financial Protection Bureau, making it easier for predatory financial firms to cheat people out of their money. At the earliest opportunity, federal lawmakers should repeal this legislation to halt this approaching catastrophe.
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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org