The CFPB’s Taskforce on Federal Consumer Financial Law released their lengthy report on January 5th and includes numerous mentions of the pawn industry. You can read their news release here…
At the bottom of the news release, you’ll find links to Volumes 1 and 2 of the Report. There are 798 pages in Volume 1 and if you view it in Adobe Acrobat use ‘pawn’ in the search feature to shorten your reading time. Volume 2 is 100 pages of the Taskforce recommendations.
There is not much doubt that there will be a new Director of the CFPB and a different approach than we have seen over the past 4 years. The same is true with the Senate Banking, Housing & Urban Affairs Committee where we expect to see Senator Sherrod Brown-Ohio take over the role of Chairman.
The federal rate cap bills have not gone away during the pandemic, just took a back seat for a while. In this new 117th Congress everything will be on the table and pawnbrokers better be ready. NPA’s Team GRC is and we need everyone on board with us.