Yesterday, the Consumer Financial Protection Bureau (CFPB) released a new proposed rule aimed at ending the debt trap created by predatory payday and title lending products. The proposed rule would look at a person’s ability to repay along with limiting fees and actions that can be taken by the lender.
With this proposed rule is a 100-day comment period and our opportunity to tell the CFPB why a strong rule is important for hard-working low-income families. Clearly, we need fair lending and now is the time to tell the CFPB to close the loopholes.
According to the Center for Responsible Lending,
“This proposal must be significantly strengthened when finalized in order to stop the debt trap, but the CFPB takes the right approach based on ability to repay and, if it closes the loopholes, the rule could help millions of Americans.”
Please join us and submit your comment to the CFPB here.