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 …