Cummings Introduce SECURE Lending Act to safeguard Consumers from Predatory techniques in Payday Lending
WASHINGTON, D.C. – Today, Oregon’s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and home Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. The SECURE Lending Act would split straight 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 (CFPB) reversed course on national rules slated to go into effect this year instituting consumer protections from payday loan predators under Trump Administration leadership. Without strong CFPB defenses at a level that is national state guidelines protecting customers is going to be even more crucial.
I saw up close how payday lenders trapped families in my blue collar neighborhood in an inescapable vortex of debt,” said Merkley“Before we kicked the payday lenders out of Oregon. “The customer Financial Protection Bureau’s task is to protect customers, not to ever protect payday that is predatory. We must stop the Trump Administration’s plot to remove away essential customer defenses, protect state rules like Oregon’s, and produce guardrails to avoid customers from getting into a cycle of never-ending debt.”
“For too much time, predatory loan providers have taken advantageous asset of customers whom encounter durations of monetary uncertainty, pulling families and folks as a period of financial obligation they can’t escape,” said Bonamici. “Instead of fighting lending that is predatory the Trump management is reducing guidelines made to hold payday loan providers accountable. (more…)