Predatory “payday” and “car title” lenders take advantage of people in desperate situations. They currently face little regulation and get away with charging interest rates of more than 300% on loans. The Consumer Financial Protection Bureau (CFPB) has proposed a rule that, if done right, will stop these predatory lending practices and reign in these loan sharks. But it needs to hear from us because the lobbyists for the payday industry have spent more than $25 million and are working overtime to stop this rule. The AFL-CIO has joined in the Stop the Debt Trap to make sure strong rules are passed.
Please send your own comment to the CFPB before October 7 to ask them to protect consumers from predatory payday lenders.