MI HCR0020

Urges the United States Congress to repeal the Consumer Financial Protection Bureau (CFPB) rule on payday and certain other loans finalized on October 5, 2017.

Argues the CFPB rule is burdensome and will deny low-income consumers access to small-dollar credit options despite being marketed as protection against predatory lending.

Cites support from the Southern Christian Leadership Conference and a bipartisan group of six congressional members who introduced House Joint Resolution 122 under Congressional Review Act authority.

Notes that payday lenders employ thousands nationwide, pay millions in taxes, and are regulated by all 50 states and tribal governments.

Directs transmission of the resolution to the President of the United States Senate, Speaker of the House of Representatives, and Michigan's congressional delegation.