Zepnick Supports Consumer Protection Policies That Lessen Predatory Lending
There are currently no restrictions in Wisconsin preventing payday and car title lenders from gouging customers with high interest rates
MADISON – State Representatives Josh Zepnick (D-Milwaukee) supports Citizen Action of Wisconsin in highlighting the federal proposal by the Consumer Financial Protection Bureau (CFPB) to nationally regulate the payday and car title lending industry. There are currently no restrictions in Wisconsin preventing these lenders from gouging customers with high interest rates and trapping them in a perpetual cycle of debt.
“Consumer protection is critical in all areas of industry”, said Zepnick. “People should have peace of mind that when they borrow money or buy a car they aren’t being unfairly exploited”.
Rep. Zepnick was a lead author on a package of bills in 2009 and 2010 that prohibited predatory lenders from making or offering motor vehicle title loans, limited borrowers to one open payday loan at a time, and limited where payday stores could be located. These bills were passed as Act 405 by then Governor Doyle.
The need for federal legislation is critical as many of the regulations passed during the 2009-2010 legislative session have since been repealed by the current administration. “These proposed CFPB regulations would protect Wisconsinites and provide safety to otherwise potentially vulnerable individuals”. “We would like to thank Citizen Action of Wisconsin for their work in drawing attention to this issue locally”.
The CFPB proposal is currently in the midst of a 90-day public comment period which ends October 7th.
Press Releases by Rep. Josh Zepnick
Rep. Zepnick Speaks at Milwaukee Domes Grand Re-Opening, Calls for Community Engagement on Domes’ Next StepsDec 1st, 2016 by Rep. Josh Zepnick
The grand re-opening event held today was a daylong celebration that included live Christmas music and a holiday floral show.
“My colleagues at the state level should recognize the burden being placed on cities and counties across the state and provide a sustainable transportation fix.”
Mayor Tom Barrett endorses ReElection of State Representative Josh Zepnick, cites leadership on workforce developmentJul 20th, 2016 by Rep. Josh Zepnick
Representative Zepnick is a former Chair of the Milwaukee Delegation and has served two Governors on the Council on Workforce Investment.
Opponent Cabrera is a NoShow, Holds Campaign Fundraiser Instead
State Representative Zepnick named League of Conservation Voters “Conservation Champion” with 100% voting recordJun 22nd, 2016 by Rep. Josh Zepnick
Zepnick is the most senior member of the Energy and Utilities Committee and co-authored the Clean Energy Jobs Act which stalled in the State Senate in 2010.
South Side State Representative Josh Zepnick Calls on Leon’s Owner to Rescind Policy Requiring English-Only CommunicationsMay 19th, 2016 by Rep. Josh Zepnick
Zepnick wants owner Ron Schneider to immediately rescind the policy and establish a reasonable set of expectations that addresses both customer service efficiency and treating everyone with respect regardless of their ethnic background.