May 10, 2011
The CEO of the nation’s foremost payday lending organization is in Washington to voice his support for Elizabeth Warren and the efforts of the Consumer Financial Protection Bureau.
The Huffington Post reports that Advance America CEO Billy Webster is lobbying for increased scrutiny towards overdraft fees imposed by major banks, such as Wells Fargo and Bank of America. The site writes that Webster is aiming to ensure the future CFPB Director “will steer consumers who need quick cash away from overdraft fees and into payday loans.”
“People . . . might think we’re opposed to CFPB, and we’re not,” Webster told The Huffington Post. “I like Elizabeth Warren. She’s got incredibly relevant life experience for this job: She comes from a working middle-class family, she knows how working middle-class families think and what pressures they’re under. That’s good.”
He also endorsed Warren as a nominee for CFPB Director, according to the site. The agency must have a director in place by its July 21 opening or risk losing a significant portion of its regulatory powers, including control over payday lenders, mortgage brokers and cash-checking firms. Click here to read more of Webster’s comments about Warren and the CFPB.
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