Labor, Civil Rights and Consumer Groups Oppose House Bills That Facilitate Predatory “Fintech” Lending
Groups say bills before House committee hide true cost of cash advance apps, erase consumer protections WASHINGTON, D.C. – The U.S. House of Representatives Financial Services Committee will vote tomorrow morning on several pieces of legislation that could harm consumers. The Center for Responsible Lending (CRL) joined dozens of advocacy organizations in letters opposing two of these bills: the “Earned Wage Access Consumer Protection Act” (H.R. 7428) and “The Financial Services Innovation Act” (H.R. 7440). “High-cost lenders have a well-documented history of targeting and exploiting for profit