Rep. Brad Sherman (D-Calif.) said while there is a role for the CFPB in addressing payday lending issues, many politicians do not understand the benefits of such loans because they do not need them.
CFPB Director Richard Cordray recently defended the bureau's involvement in payday lending during a recent House Financial Services Committee hearing. Sherman supported the CFPB taking action on the issue.
"I think there's a role for the CFPB in payday lending. At the same time we've got to make sure we don't cut off that – see, people get involved in public affairs because they're already able to take care of their families and then they say, 'oh, I have enough extra. I can contribute to the community. I can afford to live on the measly wages Brad Sherman provides in his congressional office.' The people involved in public affairs are not people who don't have an extra $700 to fix their car," Sherman said.
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