Merkley presents bill to split straight straight down on payday loan providers

By |September 23rd, 2020|

Merkley presents bill to split straight straight down on payday loan providers WASHINGTON – Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act Tuesday, directed at cracking down on a few of the worst abuses associated with the lending that is payday, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families. The Consumer Financial Protection Bureau, which previously was set to institute national rules related to payday loans, has suddenly reversed course on consumer protections from payday predators under Trump administration leadership. Without strong CFPB defenses at a level that is national state regulations protecting customers may be even more crucial. “Predatory payday advances trap working families in a vortex of financial obligation These ultra high-interest loans are unsatisfactory and destructive, ” said Merkley. “President Trump appears determined to make the customer Financial Protection Bureau to the Payday Predator Protection Bureau, making state laws and regulations like Oregon’s even more crucial. Along side Congresswoman Bonamici and a large number of our peers, we’re delivering a good message: Protect states’ rights to safeguard their customers. […]