OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Veterans and Consumer Protections

Floor Speech

Date: Nov. 3, 2015
Location: Washington, DC
Issues: Business and Consumers Veterans

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Ms. BONAMICI. Mr. Speaker, next Wednesday is Veterans Day, and we will recognize and thank the millions of men and women who have put their lives on the line for our freedom.

One way to honor those who have served is to make certain that our veterans--and all Americans--are protected from predatory payday lenders, who leave them saddled with insurmountable debt. That is why I am speaking out today to urge the Consumer Financial Protection Bureau to pass strong rules that protect veterans and all Americans from these harmful practices.

In Oregon and around the country, predatory lenders prey on consumers who have fallen on hard times. When consumers cannot pay back the loans, with fees and interest rates that can dwarf the amount of the underlying loan, they find themselves in financial ruin.

The CFPB must act quickly to develop rules to protect veterans and all Americans.

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