Act now! Tell CFPB to Keep Protections from Payday Loan Debt Traps

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 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. Include Docket No. CFPB-2019-0006 or RIN 3170-AA80 in the subject line of the letter

Comments are DUE BY May 15 on the proposed repeal of the rule.