NATIONAL GRASSROOTS GROUP APPLAUDS CFPB ON UPCOMING RELEASE OF PAYDAY RULES

FOR IMMEDIATE RELEASE: May 18, 2016
CONTACT: Kathy Mulady, k.mulady@peoplesaction.org, 206-992-8787
 

NATIONAL GRASSROOTS GROUP APPLAUDS CFPB ON UPCOMING RELEASE OF PAYDAY RULES

As new CFPB report highlights dangers of car title lending, grassroots group calls for strong, broad rules to rein in payday loan abuses across the industry


Today, the Consumer Financial Protection Bureau announced it will release proposed rules to regulate the predatory small dollar lending industry at a meeting in Kansas City, Missouri on June 2. Liz Ryan Murray, policy director for National People’s Action, issued the following statement:

“Since the rulemaking process began in March 2015, predatory payday lenders have stripped more than $10 billion from families across the country. We’ve told the CFPB for months that “families can’t wait” and today the CFPB has responded to our call. We applaud the CFPB for moving the process forward to crack down on this predatory industry.

“Our communities have been demanding small dollar lending reform for years. And we are prepared to continue fighting for the rules we need to protect our families. This is our moment. We need strong and broad rules that stop an industry that is notorious for exploiting loopholes and bending the rules to keep families in debt. We won’t stop until we win for families.”

To interview Liz Ryan Murray or speak to a small dollar borrower, please contact Kathy Mulady at k.mulady@peoplesaction.org or 206-992-8787.

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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.