To: Richard Cordray, Director, Consumer Financial Protection Bureau
A Historic Opportunity to End Predatory Payday Lending
As the CFPB prepares to address the problem of predatory payday and small-dollar lending, we urge you to write rules tough enough and broad enough to end the debt trap.
Families working hard to get by should not be pushed into unaffordable triple-digit interest loans. To keep the industry from bringing back the same abuses in slightly different form, verification of a borrower’s ability to repay must be a firm requirement.
We are counting on you to make the most of this historic opportunity.
Families working hard to get by should not be pushed into unaffordable triple-digit interest loans. To keep the industry from bringing back the same abuses in slightly different form, verification of a borrower’s ability to repay must be a firm requirement.
We are counting on you to make the most of this historic opportunity.
Why is this important?
Across the country, payday and car-title lenders extract billions of dollars a year from people who are struggling to get by. They do it with deceptive, triple-digit interest loans that trap people in a cycle of debt.
Now, at long last, there’s a chance to do something decisive about it. That chance lies with the Consumer Financial Protection Bureau (CFPB), the new agency proposed by Senator Elizabeth Warren and created by the Dodd-Frank financial reform law of 2010. After extensive study, the CFPB is getting down to the task of writing new rules for payday and smaller dollar loans.
Please join us in urging the CFPB to write effective rules to end the small-dollar debt trap once and for all.
Now, at long last, there’s a chance to do something decisive about it. That chance lies with the Consumer Financial Protection Bureau (CFPB), the new agency proposed by Senator Elizabeth Warren and created by the Dodd-Frank financial reform law of 2010. After extensive study, the CFPB is getting down to the task of writing new rules for payday and smaller dollar loans.
Please join us in urging the CFPB to write effective rules to end the small-dollar debt trap once and for all.