Brown Applauds CFPB’s Action to Fight Predatory Payday Lending

Brown Applauds CFPB’s Action to Fight Predatory Payday Lending

Top Customer Agency Proposes New Rules to Curb Payday, Car Title Loan Debt Traps

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown today that is(D-OH the customer Financial Protection Bureau’s (CFPB) proposed guidelines to rein in predatory payday and vehicle name loans that frequently keep low-income customers caught in a period of financial obligation.

“Ohioans are making it clear which they want defense against predatory payday and vehicle title loans that trap many low-income families in a vicious spiral that is downward of,” stated Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Today’s action can help rein inside epidemic that saddles borrowers with triple-digit rates of interest and expenses Ohioans over $500 million in charges alone every year. I shall fight tries to damage these sensible rules and I is likely to make yes there are no loopholes that could enable loan providers to help keep exploiting struggling Ohioans.”

  • Manufacturing quality movie is present HERE. (more…)

Continue ReadingBrown Applauds CFPB’s Action to Fight Predatory Payday Lending