Senators beat back a legislative bid from Democrats to restore Consumer Financial Protection Bureau restrictions on medical debt collections, overdraft programs, and predatory lending against military personnel and their families.
The Senate rejected motions Wednesday to take up a slew of resolutions that would have revived policies discontinued by acting CFPB Director Russell Vought last year.
One resolution (S. J. Res. 132), introduced by Sen. Jack Reed (D-R.I.), would have brought back CFPB examinations of payday lenders and other nonbank companies to ensure they’re in compliance with the Military Lending Act’s 36% interest rate cap and other protections. ...