Cortez Masto, Senate Democrats Need Answers About CFPB Decision to get rid of Payday Lending Protections

Cortez Masto, Senate Democrats Need Answers About CFPB Decision to get rid of Payday Lending Protections

Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) accompanied Senator Jeff Merkley (D-Ore.) plus the entire Senate Democratic Caucus in opposing the buyer Financial Protection Bureau’s (CFPB) attempt that is new gut its very own payday security guideline.

“Repealing this guideline supplies a green light to the payday financing industry to victim on susceptible US consumers,” penned the senators in a letter to Trump-appointed CFPB Director Kathy Kraninger. “In drafting these changes that are devastating the Payday Rule, the CFPB is ignoring the most fundamental maxims of customer finance — a person shouldn’t be offered a predatory loan which they cannot pay off.”

Payday advances often carry interest levels of 300% or higher, and trap customers in a period of financial obligation. 繼續閱讀 「Cortez Masto, Senate Democrats Need Answers About CFPB Decision to get rid of Payday Lending Protections」