A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".

Mr. President, I move to proceed to Calendar No. 400, S.J. Res. 156.

Mr. President, payday loans are notorious short-term loans, often with interest rates of 100, 300, or 500 percent. They put families into a vortex of debt they often cannot escape. Any way you slice it, at those interest rates, it is loansharking.

Many States, including Oregon, have outlawed these loans and put reasonable sideboards on it--a good thing to do. But now the industry has changed its language. Instead of calling it a payday loan, they call it an earned wage access product. Instead of calling it a loan, they call it an advance. Instead of calling it a fee, they call it a tip.

The CFPB provided some national protection, including what States did separately--basically, Truth in Lending Act fair disclosure.

I offer this joint resolution of disapproval to suggest we restore that basic Truth in Lending Act disclosure and other protections the CFPB had provided--just sideboards to help reduce the most harmful aspects of these predatory products.

So, quite simply, if you are against unregulated loansharking and want to end it, vote aye. If you are for loansharking, vote no.

Vote on Motion to Proceed