Last October, the Consumer Financial Protection Bureau finalized a rule to protect U.S. consumers from predatory payday lenders. Some provisions of CFPB’s “Payday Rule” took effect in January. But now, certain members of Congress want to roll back these new consumer protections.
The Consumer Bureaus keeps lenders accountable by requiring that they ensure that their borrowers are able to repay loans before the loans are made. This commonsense measure is a long overdue step in ending predatory payday lending altogether.
Now a group of Representatives have introduced a resolution to roll back these protections and let payday lenders off the hook. Send a message now to tell your Representatives and Senators to protect consumers and oppose the repeal of the CFPB's payday lending rule.