Ny remark letter to CFPB on proposed payday lending guideline

Ny remark letter to CFPB on proposed payday lending guideline

Via Electronic Submission

The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington

Re: Proposed rulemaking on payday, car name, and specific high-cost installment loans, Docket No.

Dear Director Cordray:

We, the 131 signatories for this page, represent a diverse cross-section of elected officials, federal federal federal government, work, grassroots arranging, civil liberties, legal solutions, faith-based along with other community companies, in addition to community development finance institutions. We respectfully request that the CFPB count this page as 131 remarks.

Together, we urge you to definitely issue a solid payday lending rule that ends the loan debt trap that is payday. Due to the fact CFPB makes to issue a last guideline to deal with payday financing nationwide, we urge you to not undermine our state’s longstanding civil and criminal usury guidelines. Certainly, we urge you to definitely issue a guideline that improves our protections that are existing.

Given that CFPB certainly acknowledges, a listing of signatories with this breadth and magnitude is certainly not you need to take lightly. This page reflects the career greater than 38 state and neighborhood elected officials, the NYC Department of customer Affairs, the Progressive Caucus associated with the NYC Council – also as 92 businesses that represent a spectrum that is broad of, views, and constituents. Our company is worried that the CFPB is poised to issue a poor guideline that wouldn’t normally only set a reduced club for the whole nation, but that could additionally straight undermine our state’s longstanding ban on payday financing. Read more