In Letter to Fed and Treasury, Waters Presses for crisis Lending tools not to ever help Predatory Lenders
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the home Committee on Financial Services, delivered a page to Jerome Powell, seat regarding the Board of Governors for the Federal Reserve System, and Steven Mnuchin, Secretary for the U.S. Department associated with the Treasury, following through to conversations to ensure the Federal Reserve and Treasury programs and facilities to answer the COVID-19 crisis do not support predatory loan providers.
“I compose to adhere to through to our present conversations confirming that predatory customer loans provided by payday, installment or any other loan providers are not entitled to be pledged as security towards the Term Asset-Backed Securities Loan Facility (TALF) or every other Federal Reserve program or center this is certainly sustained by funds appropriated by Congress and authorized by the Secretary regarding the Treasury, ” Chairwoman Waters penned. Read More →