As also noted by House Republicans, the CFPB has used that jurisdiction to propose a federal regulation on payday, vehicle title and certain other high-cost installment loans. But the sentence on page 403 of the Financial Choice Act could change that. As Diane Standaert, director of state policy for the nonprofit Center for Responsible Lending, tellsConsumerist, "It's a shocking provision. Payday lenders charge triple-digit interest rates, and Congress is proposing to give them a free pass.”
