ADVOCATE STATEMENT ON NEW CFPB PAYDAY LENDING REPORT

FOR IMMEDIATE RELEASE: April 19, 2016
CONTACT: Jacob Swenson-Lengyel, 312-316-3973, jacob@npa-us.org

ADVOCATE STATEMENT ON NEW CFPB PAYDAY LENDING REPORT

A statement from Liz Ryan Murray, Policy Director of National People’s Action on the Consumer Financial Protection Bureau report “Online Payday Loan Payments”, released today.

“The release of this new data confirms what consumers and community groups already know.  It doesn’t matter if it’s online or on the corner -- the payday lending industry relies on the debt trap. The CFPB’s findings confirm the need for strong rules to rein in the entirety of the industry.  Right now, small dollar predators are only concerned with their ability to collect, not with their customers ability to affordably repay.  We anxiously await the CFPB’s rulemaking and trust that, armed with this data, the CFPB’s rules will apply common sense and consistent rules for every loan and every lender,  across every platform to once and for all prevent families from being mired in payday debt.”

To interview Liz Ryan Murray about the new report and the up coming rule on small dollar lending expected from the CFPB or to be put in contact with a payday loan borrower, please contact Jacob Swenson-Lengyel, 312-36-3973, jacob@npa-us.org.

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National People's Action is a network of 29 grassroots organizations in 18 states working together to advance a racial and economic justice agenda for a new economy and true democracy.