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Brown Applauds CFPB’s Action to Overcome Predatory Payday Lending

Brown Applauds CFPB’s Action to Overcome Predatory Payday Lending

Top Customer Agency Proposes New Rules to Curb Payday, Automobile Title Loan Debt Traps

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today praised the buyer Financial Protection Bureau’s (CFPB) proposed guidelines to rein in predatory payday and automobile name loans that frequently keep low-income customers trapped in a period of debt.

“Ohioans are making it clear which they want security from predatory payday and vehicle name loans that trap many low-income families in a vicious volitile manner of debt,” stated Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Today’s action may help rein inside epidemic that saddles borrowers with triple-digit rates of interest and expenses Ohioans over $500 million in charges alone every year. I shall fight tries to weaken these sensible guidelines and I also can make certain there are not any loopholes that could enable loan providers to keep exploiting struggling Ohioans.”

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Brown has regularly pressed the CFPB to fight misleading and abusive methods into the pay day loan market that prey on low-income people and families who’re not able to repay loans in complete. Final June, he assisted lead a page from significantly more than 30 Senators to CFPB Director Richard Cordray urging the agency to ascertain the strongest guidelines possible to curtail predatory financing in Ohio and nationwide. Continue reading Brown Applauds CFPB’s Action to Overcome Predatory Payday Lending