Rep. Debbie Wasserman Schultz on Friday became the second Florida Democrat to back away from opposition to new payday lender rules pushed by the Consumer Financial Protection Bureau.
In a statement, Wasserman Schultz said, "it is clear to me that the CFPB strikes the right balance and I look forward to working with my constituents and consumer groups as the CFPB works towards a final rule.”
Her support of a bill to delay the new regulations was a source of controversy, drawing TV ads from a liberal group that called her "Debt Trap Debbie." It also put her opposite President Obama, Elizabeth Warren, Hillary Clinton and other advocates of a crackdown on the lenders.
The proposed rules were published Thursday. Rep. Patrick Murphy, a candidate for U.S. Senate, also retreated from the House bill, which held up Florida regulations as a model.
“As a strong supporter and partner of the Consumer Financial Protection Bureau in Congress, I stand with the CFPB in its efforts to protect Americans from predatory lending," Wassserman Schultz said. "From the outset of this process, I have said that I trust the CFPB to do what’s right for consumers, and these proposed rules are an important step towards that critical goal."