WASHINGTON – Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act Tuesday, targeted at cracking down on a number of the worst abuses for the lending that is payday, particularly in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.
Under Trump management leadership, the customer Financial Protection Bureau, which formerly had been set to institute nationwide guidelines linked to pay day loans, has instantly reversed course on customer defenses from payday predators. Without strong CFPB protections at a level that is national state regulations protecting customers will soon be much more crucial.
“Predatory pay day loans trap working families in a vortex of debt
These ultra loans that are high-interest unsatisfactory and destructive, ” said Merkley. Continuar lendo Merkley presents bill to split straight straight straight down on payday lenders