Trump’s CFPB Appointees Face Backlash for Siding with Payday Lenders

President Trump’s appointees at the Consumer Financial Protection Bureau (CFPB) are facing heat in news outlets across the country for siding with predatory payday lenders. Just in the past few days, Military and Veteran Service Organizations called out Director Kraninger for ending CFPB supervision that ensures military servicemembers aren’t fleeced by lenders, a CFPB political appointee admitted to Congress that …

400+ Organizations Urge CFPB: Stop Attack on Payday Lending Protections

Stop the Debt Trap Coalition Letter Opposes the CFPB’s Proposal to Gut Consumer Protections on Predatory Payday Loans Washington, DC – Over 420 civil rights, consumer, labor, faith, veterans, elder, business, and community organizations from 46 states, plus the District of Columbia, in an official comment letter registered strong opposition to the Consumer Financial Protection Bureau’s (CFPB) proposal to gut …

Advocates from States That Ban Predatory Payday Lending Emphatically Oppose CFPB’s Proposal to Gut Federal Rule

FOR IMMEDIATE RELEASE CONTACT: Sarah Ludwig or Andy Morrison, 212-680-5100 Listen to press briefing: WASHINGTON, D.C. – Today advocates from states across the country that ban predatory payday lending voiced strong opposition to the Consumer Financial Protection Bureau (CFPB)’s actions to gut federal rules to curb predatory payday lending.  On a telephone briefing this morning and in comment letters submitted …

Highlights of Congressional Hearing on Payday Loan Debt Traps

On Tuesday, the House Financial Services subcommittee on Consumer Protection and Financial Institutions held a landmark hearing, entitled “Ending Debt Traps in the Payday and Small Dollar Credit Industry,” which highlighted the harms of these predatory lenders. Video highlights of the hearing are linked here in this Twitter thread and the full video is available here. The hearing included the …