Director Richard Cordray defended the CFPB's decision to proceed with a rule on payday lending during the bureau's Semi-Annual Report to Congress Tuesday.
Rep. Lynn Westmoreland (R-Ga.) said a lot of his constituents live paycheck to paycheck, and he asked Cordray where consumers should go if they are in need of a small loan.
"If you were me, what would you tell them if they came to me and said they had an emergency and they needed to get $50 or $100 for a week or three or four days? Where would you advise me to tell them to go to get that kind of credit?" the congressman asked Cordray during the House Financial Services hearing.
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