In early February 2019, the current Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger released a proposal to gut the CFPB’s 2017 rule aimed at stopping payday and car title loans from trapping people in debt. Director Kraninger’s plan would repeal the heart of the 2017 payday rule, which generally requires that lenders determine a borrower’s ability to repay a loan before making it.
Tell the CFPB to keep the payday rule by submitting comments:
- Online: Go to www.bit.ly/paydayruledelay to oppose delay of the rule and http://bit.ly/paydayrulerepeal to oppose repeal (Note: both also accessible via www.regulations.gov)
- Email: 2019-NPRM-PaydayReconsideration@cfpb.gov Include Docket No. CFPB-2019-0006 or RIN 3170-AA80 in the subject line of the message; or by
- Mail/Hand Delivery/Courier: Comment Intake, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552
Comments due by March 18 on proposed delay of the rule and May 15 on proposed repeal of the rule