WASHINGTON, D.C. вЂ“ Today, OregonвЂ™s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and House Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SAFE Lending Act would split straight down on a number of the worst abuses regarding the payday financing industry, especially in online payday lending, and protect customers from deceptive and predatory practices that strip wide range from working families.
Under Trump management leadership, the customer Financial Protection Bureau (CFPB) reversed program on nationwide guidelines slated to get into impact this present year instituting customer defenses from pay day loan predators. Without strong CFPB protections at a nationwide degree, state laws and regulations protecting customers should be much more crucial.
I saw up close how payday lenders trapped families in my blue collar neighborhood in an inescapable vortex of debt,вЂќ said MerkleyвЂњBefore we kicked the payday lenders out of Oregon. вЂњThe customer Financial Protection BureauвЂ™s work would be to protect customers, to not protect i was reading this payday that is predatory. We must stop the Trump AdministrationвЂ™s plot to strip consumer that is away important, protect state guidelines like OregonвЂ™s, and create guardrails to avoid consumers from stepping into a cycle of never-ending debt.вЂќ