Brown Applauds CFPB’s Action to Fight Predatory Payday Lending

Brown Applauds CFPB’s Action to Fight Predatory Payday Lending

Top Consumer Agency Proposes New Rules to Curb Payday, Automobile Title Loan Debt Traps

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today praised the buyer Financial Protection Bureau’s (CFPB) proposed guidelines to rein in predatory payday and automobile name loans that usually keep low-income consumers caught in a period of financial obligation.

“Ohioans are making it clear which they want defense against predatory payday and vehicle name loans that trap many low-income families in a vicious volitile manner of debt,” stated Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Today’s action can help rein inside epidemic that saddles borrowers with triple-digit interest levels and expenses Ohioans over $500 million in costs alone every year. I shall fight tries to weaken these sensible guidelines and I also can make certain there are not any loopholes that could enable loan providers to help keep exploiting struggling Ohioans.”

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Brown has regularly pressed the CFPB to combat misleading and abusive techniques when you look at the pay day loan market that victimize low-income people and families that are struggling to repay loans in complete. Last June, he aided lead a page from a lot more than 30 Senators to CFPB Director Richard Cordray urging the agency to ascertain the strongest guidelines possible to curtail lending that is predatory Ohio and nationwide. (more…)

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