Mulvaney’s CFPB joins with payday lenders in seeking delay of CFPB payday rule
WASHINGTON, D.C (June 1, 2018) — Today, the Consumer Financial Protection Bureau (CFPB), which is unlawfully led by “Acting Director” Mick Mulvaney, joined the leading payday lenders’ association in filing a joint motion to delay the compliance date for the CFPB’s rule on payday loans until 445 days from the final judgement of litigation challenging the rule.
Center for Responsible Lending (CRL) Director of Federal Policy Scott Astrada issued the following statement:
“It is appalling that an agency with a singular focus on protecting consumers is now teaming up with a payday lending industry that is notorious for trapping people in debt. Delaying the implementation of the Payday Rule would serve only to allow payday loans to continue pulling Americans down into a financial freefall.
“Instead of letting Mulvaney feed consumers to loan sharks, the Trump Administration should appoint a permanent director of the Consumer Financial Protection Bureau with a commitment to protecting consumers.”
The Center for Responsible Lending (CRL) is working to ensure a fair, inclusive financial marketplace that creates opportunities for all responsible borrowers, regardless of their income, because too many hard-working people are deceived by dishonest and harmful lending practices.
While the housing crash was devastating to families at all income levels, it was disproportionately destructive to entire communities of low- and moderate-income families and borrowers of color. In fact, it wiped out generations of family wealth in these communities. Many of these families had successful 30-year loans, but they were lured by the promises of deceptive marketing and then financially devastated when they were placed in egregious loan products.
CRL is a nonprofit, non-partisan organization that works to protect homeownership and family wealth by fighting predatory lending practices. Our focus is on consumer lending: primarily mortgages, payday loans, credit cards, bank overdrafts and auto loans.