Why is this Florida Democrat Sabotaging Obama’s Payday Lending Rule?

WASHINGTON, D.C. – Republicans in Congress attempting to sabotage the Consumer Finance Protection Bureau (CFPB), a defining part of President Barack Obama’s legacy, have an ally on the other side of the aisle in Florida Congressman Alcee Hastings. Out of step yet again with Obama and progressives in Congress, Hastings recently signed on to co-sponsor legislation to repeal the CFPB’s ruleagainst predatory payday lending.

Why would Hastings sabotage Obama’s legacy and protect payday lenders? According to Center for Responsive Politics, Hastings has received $164,950 from the payday lending industry – more than any other Democrat in Congress. That helps to explain why Hastings has a history of siding with the payday industry and defending the disastrous “Florida model” of payday lending.

“All the money in the world can’t cover up this scandal. Rep. Hastings is putting special interests over his constituents yet again and trampling President Obama’s legacy of consumer protections in the process. If Hastings is successful, he will not only undermine a key accomplishment of the CFPB, but allow predatory payday loan practices to continue unabated,” said Karl Frisch, executive director of Allied Progress.

He continued, “It took years to establish these protections, and Hastings and his industry-backed friends in Congress have stood in the way at every turn. Enough is enough. How much money would it take for Hastings to do his job and stand up for his constituents?”

Allied Progress launched PaydayLendingFacts.org to expose the payday lending industry, combat misinformation, and provide the public with the truth about payday lenders and their allies in Congress. The website features hundreds of pages of easily accessible research.

To speak with Karl Frisch about the Payday Lending rule or Rep. Alcee Hastings, please contact Annette McDermott at 202-697-4804 or annette@alliedprogress.org.

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