Top Consumer Agency Proposes New Rules to Curb Payday, Automobile Title Loan Debt Traps
WASHINGTON, D.C. вЂ“ U.S. Sen. Sherrod Brown (D-OH) today praised the buyer Financial Protection BureauвЂ™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.
вЂњOhioans 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,вЂќ stated Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. вЂњTodayвЂ™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.вЂќ
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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…)