Advocates Across the Country Fight to Preserve Strong Consumer Protections on Predatory Payday and Car-title Loans

For the last 90 days, we have been fighting to retain the protections afforded by the 2017 payday rule which required lenders to assess a borrower’s ability to repay prior to granting a loan. Now, the Consumer Financial Protection Bureau (CFPB) is proposing to overturn his common-sense provision under the administration’s new Bureau director, Kathy Kraninger.   Keeping Up the …

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 …

As House Convenes on Predatory Lending, Consumer Advocates Press for Congressional Action on Payday Debt Traps

This afternoon, the House Financial Service subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “Ending Debt Traps in the Payday and Small Dollar Credit Industry.” The hearing that will touch on the predatory nature of payday lending, the terrible decision of the CFPB to propose crippling crucial consumer protections on this form of credit, and new …

Payday Loan Sharks in Doral, Chumming it up with Trump

Last week, the payday lending trade group, CFSAA, held their annual conference at none other than the Trump Doral resort near Miami. Last year, they moved their annual conference from Phoenix to Trump’s gaudy hotel and golf course. Later that year, then-director of the CFPB Mick Mulvaney signaled that the agency would roll back crucial protections against predatory lending practices, …

Broad Coalition Opposes Proposal to Delay CFPB Payday Rule

The Consumer Financial Protection Bureau (CFPB) has proposed delaying when payday lenders would need to comply with a 2017 rule on predatory payday lenders by 15 months. This would allow the industry to skip the common-sense requirement that it verify that a borrower has the ability to repay a loan – and to continue trapping Americans in vicious cycles of …