WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI) joined up with 42 of his Senate peers in delivering a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Leandra English and workplace of Management and Budget (OMB) Director Mick Mulvaney urging them to get rid of any efforts to undermine and repeal the CFPB’s lending rule that is payday. The guideline represents a essential step up reining in predatory company practices by payday loan providers nationwide that will exploit the economic hardships dealing with an incredible number of hardworking families.

“Research has revealed that short-term pay day loans trap consumers in high-interest financial obligation for long intervals and will end in severe harm that is financial including increased odds of bankruptcy,” published the Senators. “The CFPB’s role in serving as being a watchdog for US customers while making our markets that are financial, reasonable, and transparent remains of critical value. For this end, we urge one to end any efforts to undermine and repeal this critical customer protection.”

Congress developed the CFPB to safeguard Americans from unjust, misleading and lending that is abusive. Predatory lenders often target hardworking borrowers whom end up looking for fast cash—often for things such as necessary vehicle repairs or medical emergencies—by charging you them exorbitant interest levels and concealed fees that trap them in long-lasting cycles of financial obligation. Read more →