“For many people who live paycheck to paycheck, this will be a financially devastating law,” said Center for Responsible Lending President Mike Calhoun. “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.”
