|Americans of all political stripes overwhelmingly support reform of the predatory payday lending industry. But the CFPB, under the current administration, has indicated it may pull back the rule even after it survived an effort to repeal it in Congress under the Congressional Review Act.
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.
Write a letter to the editor of your local newspaper urging the CFPB to uphold its rule to reform payday lending. Here’s how!
Share your stories about how predatory payday lending has harmed you or your community.
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