Resolution Filed to Block Consumer Bureau’s Ability-to-Pay Rule
Washington - Today, a resolution was filed in the U.S. House of Representatives that would block new consumer protections adopted by the Consumer Financial Protection Bureau that would rein in predatory 300% annual percentage rate (APR) payday loans.
“Americans of all political persuasions should be outraged at the members of Congress who are trying to block modest protections for predatory 300% loans that put families into a debt trap,” said Lauren Saunders, associate director of the National Consumer Law Center. “Ordinary people, whether Republican or Democrat, liberal or conservative, support reform of 300% loans that prey on working families living paycheck to paycheck. The consumer watchdog’s rule adopts common-sense protections that responsible lenders already follow by considering the borrower’s ability to repay the loan. Congress should not side with predatory lenders over Americans.”