On Bauer Business Focus — A conversation on the Texas Legislature’s busy 2013 with Andrew Schneider, business reporter for KUHF 88.7 FM.
On the calendar for the Texas Legislature in 2013 will no doubt be a heavy slate of discussion regarding consumer rights, according to Hughes Watters Askanase partner Larry Young, who spoke to Bauer Business Focus host Andrew Schneider recently.
“The hot issue is the question of payday and title loan lending,” Young said. “It’s a fairly complex problem because payday and title loans are made in very small amounts with high administrative cost, so the balance is having access to credit on one hand and not having high fees on the other. I think that’s the balance Texas Legislature will try to strike in cutting back some of the latitudes allowed now.”
While legislators are aiming to protect consumers from impending debt problems in 2013, the Consumer Financial Protection Bureau (CFPB) has also been working to further these endeavors.
“I think the concept of the CFPB was to make a lot of this legislation unnecessary because the license that was given to CFPB to make legislation is very broad. They can grant exemptions from certain consumer protection laws so that lenders can determine what is most effective and what is not.”
Click here to hear the full interview.