|Americans of all political stripes overwhelmingly support reform of the predatory payday lending industry. But at the request of payday lenders, H.J. Res. 122 was introduced under the Congressional Review Act (CRA) to repeal the payday loan rule.
The rule adopts common sense protections that responsible lenders already follow. Lenders that make loans of 45 days or less or balloon payment loans must make a reasonable determination that borrowers can afford to repay the loan while meeting other expenses. Payday lenders may make a limited number of loans without assessing ability to pay. The rule also limits high-cost lenders from repeatedly debiting bank accounts for unaffordable loans. Most credit union and community bank loans are exempt.
The CRA allows Congress to block the payday rule on a fast track schedule without a filibuster. If the resolution passes, it would stop the Consumer Bureau from ever adopting substantially similar rules without congressional approval.
Write a letter to the editor of your local newspaper urging your members of Congress to reject efforts to repeal payday loan reform. Here’s how!
Share your stories about how predatory payday lending has harmed you or your community.