Today, U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the Consumer Financial Protection Bureau (CFPB) finalized the short-term lending rule.

“I have heard firsthand from many individuals in the 3^rd District who may be losing access to the credit they need because of the CFPB’s rule on small dollar, short-term loans,” Luetkemeyer said. “Many consumers in Missouri and across the country rely on these loans to cover unforeseen expenses. Whether it be auto repairs so someone can get to work or a short-term loan to make payroll, consumers need greater access to credit, not less. Restricting the availability of short-term credit will not solve the financial problems facing so many American families, but, rather, push them towards riskier or unregulated products. I will work with my colleagues on the House Financial Services Committee to hold the CFPB accountable and reverse this final rule that harms consumers across the country.”