WASHINGTON – Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act Tuesday, targeted at cracking down on a number of the worst abuses associated with the payday lending industry, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.
The Consumer Financial Protection Bureau, which previously was set to institute national rules related to payday loans, has suddenly reversed course on consumer protections from payday predators under Trump administration leadership. Without strong CFPB defenses at a nationwide degree, state guidelines protecting customers is likely to be even more crucial.
“Predatory pay day loans trap working families in a vortex of debt
These ultra high-interest loans are unsatisfactory and destructive, ” said Merkley. “President Trump seems determined to make the buyer Financial Protection Bureau in to the Payday Predator Protection Bureau, making state rules like Oregon’s much more crucial. (더 보기…)