FOR IMMEDIATE LAUNCH: 6, 2019 february
CONTACT: Desmond Lee; desmond. Lee@berlinrosen.com; 646-517-1826
WASHINGTON, D.C. – Today, the buyer Financial Protection Bureau (CFPB) under Trump-appointed Director Kathy Kraninger unveiled an idea to gut the CFPB’s landmark 2017 payday and car title lending guideline before it also goes in impact. By eviscerating this consumer security, Kraninger’s brand new plan would help predatory lenders continue steadily to trap Us citizens in financial obligation. Particularly, the proposition would eradicate the common-sense and commonly supported requirement that lenders verify that a debtor are able to settle the mortgage. Additional history at base of launch.
The Stop The Debt Trap campaign, a coalition in excess of 700 customer, civil liberties, faith, veterans, seniors, work, and other teams in most fifty states, spoke down from this effort that is latest to gut customer defenses:
“The Kraninger CFPB is providing a very early valentine’s present to payday loan providers, helping them carry on trapping Us americans in crippling rounds of financial obligation, ” said Center for Responsible Lending Senior Policy Counsel Rebecca Borne. “The payday rule was created over several years of substantial research and discussion with stakeholders. Scrapping it will specially damage communities of color, who payday lenders disproportionately target for predatory loans. Read more