America Responds to CFPB’s Payday Lending Rule

Groups around the country are responding to the Consumer Financial Protection Bureau’s proposed rule. Here is what many of them have to say:

Stop The Debt Trap Coalition Joint Statement: CFPB Payday Lending Rule Will Disrupt Abusive Lending, Protect Families From Financial Predators

AUDIO: Listen to the coalition press call here.
FACT SHEET: Fact sheet summary available here.

National Groups:

NCLC: Consumer Watchdog Curbs Unaffordable 300% Payday Loans

AFR: CFPB Payday Lending Rue Will Disrupt Abusive Lending, Protect Families From Financial Predators

Allied Progress: GROUP VOWS TO DEFEND CFPB PAYDAY LENDING RULE FROM REPUBLICAN CONGRESSIONAL ATTACKS

Center for American Progress: CFPB Action on Payday and Title Loans a Win for Struggling Borrowers, Says CAP’s Director of Consumer Finance

Unidos US: New Payday Lending Rule a Win for Consumers to Close Loopholes on Predatory Practices (Spanish Version)

Consumers Union: Consumers Union Appaluds The CFPB’s New Rule to Protect Consumers From High Cost Loan Debt Traps

Consumer Federation of America: CFA Takes Initial Step to Stop Debt Trap with “Ability to Repay” Requirement for Certain Loans”

Center for Responsible Lending: CFPB Payday Lending Rule Will Protect Consumers, Disrupt Abusive Predatory Buisness Model

Consumer Action: New National Rule Promises to Rein in Payday Lenders

Cooperative Baptist Fellowship

Southern Poverty Law Center: CFPB Rule Protects Low- Income Borrowers

National Community Reinvestment Coalition:NCRC Statement on CFPB’s Rule on Abusive Payday and Car Title Lending

U.S PIRG:Statement on the CFPB’s Final Rule to Stop Payday Loan Debt Traps

Local Groups:

Community Legal Services: Pennsylvania Groups Respond to New CFPB Payday Lending Rule

Florida Alliance for Consumer Protection: CFPB Puts the Breaks on Payday Lenders

Tennesse Citizen Action: TNCA Applauds Federal Action on Payday Predators

California Reinvestment Coalition: California Reinvestment Coalition Applauds The CFPB’s New Rule to Protect Consumers From High Cost Loan Debt Traps

CRL-North Carolina Coalition: North Carolian Consumer Protections Remain Crucial As CFPB Releases New Payday Lending Rule

NDESPA: CFPB Action on Payday Lending Will Help North Dakota Families

Texas Fair Lending Alliance and Texas Faith Leaders for Fair Lending: CFPB Payday & Auto Title Loan Rule Will Bolster Fair Lending for Texans

Alabama Arise: New CFPB Rule on Payday, Title Loans is a Good First Step That Should Prompt Further Action to Protect Alabama Consumers

Georgia Watch: Consumer Financial Protection Bureau Releases Federal Regulations That Protect Against Abusive Predatory Lending

Policy Matters Ohio: New Federal Payday Lending Rule Protects Consumers

Arizona Public Interest Research Group:New CFPB Rule Targets Payday And Car Title Lending Debt Trap

Nebraska Appleseed:Nebraska Advocacy Groups Applaud New Payday Lending Reform Rule

Louisiana Budget Project:Statement: CFPB Action on Payday Lending Will Help Louisiana Families

Wisconsin Coalition: New Federal Action On Payday Lending Will Help Wisconsinites

Woodstock Institute: Consumer Financial Protection Bureau Releases Historic, Nationwide Protection Against Payday Loan Abuse

Maine Center for Economic Policy: Breaking: Maine’s Congressional Delegation Should Support New CFPB Payday Lending Rule Aimed Toward Curbing Abuse

Arkansas Against Abusive Lending: Arkansas Consumer Protections Remain Crucial as CFPB Releases New Payday Lending Rule

VaPERL: The Virginia Poverty Law Center Applauds CFPB’s Rule to End Payday Debt Traps

Indiana Assets & Opportunity Network:While Praising Federal Payday Loan Rule, Indiana Advocates Call for Further Action From State Lawmakers

Rhode Island Payday Lending Reform Coalition: CFPB Action on Payday Lending Will Help Rhode Island Families

Reinvestment Partners: CFPB Reforms to Payday and Auto Title Loans are Laudable, but Additional Protections are Necessary

Oklahoma Policy Institute:New Protections for Payday Loan Borrowers are Coming (if Congress will Stay Out of the Way)

Elected Officials:

Statements have been issued by the following members:

Senator Sherrod Brown
Senator Jeff Merkley
Senator Elizabeth Warren

Representative Maxine Waters
Representative Luis Gutierrez

California Attorney General Xavier Becerra