Congress: Hands Off Brand New Rule Protecting Families from Payday Lenders

Congress: Hands Off Brand New Rule Protecting Families from Payday Lenders

Originally starred in the Durham Herald and signed by both Larry Hall, Secretary for the NC Department of Military and Veterans Affairs, and Jennifer Copeland, Executive Director associated with the NC Council of Churches.

Ignoring the sounds of families and communities that have struggled to obtain several years for respite from the harms of predatory payday financing, a couple of users of Congress have actually introduced legislation that could nullify the customer Financial Protection Bureau’s national guideline to rein in payday financing abuses. Their legislation utilizes Congressional Review Act authority to repeal the guideline and give a wide berth to the customer Bureau from issuing an identical guideline later on, providing predatory payday and vehicle name loan providers a free pass.

This legislation, introduced by Rep. Dennis Ross (R-Fla.) and co-sponsored by Rep. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), and Collin Peterson (D-Minn.), would destroy the very first ever national payday guideline that will require payday and vehicle name loan providers to create a loan just once they have determined that the debtor are able to cover it right back. It really is a commonsense measure made to protect individuals from being caught for months and often years in triple-digit payday and automobile title loans. Continue reading “Congress: Hands Off Brand New Rule Protecting Families from Payday Lenders”