Legislation introduced to Congress deterring payday lenders’ abuses

For years, consumer advocacy groups and federal agencies like the Consumer Financial Protection Bureau (CFPB) have fought to hold to account or eliminate predatory payday lenders in states across the country.

Regardless of extensive documentation of the business-dependent practice of the payday lending “debt trap” and the billions payday lenders have systematically fleeced out of low-income families and communities – particularly those of color –  the predatory payday lending industry has shrewdly constructed and exerted its political power in state capitols throughout the United States.

Many states still permit usurious interest rates for payday lenders, with often dire consequences for millions of financially-unaware, hardworking American consumers already struggling with more month than money.

Making small dollar loans “SAFE” for credit union members and consumers

The seemingly endless fight for consumer protections continues and offers hope as new legislation was recently introduced in Congress to further curb deceptive and predatory payday lending practices from hurting America’s individuals and working families.

 

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