Protect Consumers from Payday Lenders

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Payday Loans Store - Check Cashing and Pay Day Loan - Money Mart (25469046943)In October 2017, the Consumer Financial Protection Bureau (CFPB) put out a final rule to protect consumers and borrowers from excessively high interest rates on payday loans, car title loans, and other predatory lending.

According to Prosperity Now, these rules represented "the first-ever attempt at the federal level to regulate an industry that each year siphons off more than $8 billion dollars from the pockets of hard-working individuals and families. Built on over five years of CFPB research, community and stakeholder engagement—including more than one million comments submitted during the public comment process last year—this landmark regulation ensures that consumers everywhere are protected from the many predatory practices that plague the payday lending industry."

But today, unfortunately, these rules are in jeopardy. Earlier in the year, CFPB announced plans to change the payday lending rule. We are now in a comment period to allow stakeholders to offer feedback before changes are made.

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