MI SR0145

Urges U.S. 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 would deny millions of low-income consumers access to small-dollar credit products despite claiming to prevent predatory lending practices

States that payday lenders employ thousands of workers nationwide, invest in communities, and pay millions in local and state taxes while being regulated by all 50 states, the District of Columbia, and Native American tribes

References a bipartisan House Joint Resolution 122 that would use Congressional Review Act authority to disapprove the CFPB rule and prevent similar future regulations

Directs copies of the resolution be sent to the President of the U.S. Senate, Speaker of the U.S. House of Representatives, and Michigan's congressional delegation