Help reel in predatory payday loans!

shark payday loan

Tell Congress not to block the Consumer Financial Protection Bureau’s common sense rule to rein in 300% APR loans that trap families in a cycle of debt.

Email your members of Congress || Other actions you can take

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.

Tell your members of Congress to protect your community from predatory payday and car-title lenders that drain billions of dollars each year from communities and trap borrowers in a cycle of debt.


Please fill out the form below to access the email message. The letter below is a suggestion; personalize the letter with your own concerns for the greatest effect. Your email will be sent directly to your senators and congressional representative. 

 
Read the CFPB press release and factsheet summarizing the rule on payday loans and the full CFPB rule on payday loans.

 Other Actions You Can Take 

  • Tweet at your senators and representatives using #StoptheDebtTrap to urge them to protect consumers from 300% interest rate payday and car-title loans.

  • 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.


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