WASHINGTON, D.C. ??“ Today, Oregon??™s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and home Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping payday loans New Mexico Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would split straight down on a number of the worst abuses regarding the payday financing industry, particularly in online payday lending, and protect customers from misleading and predatory practices that strip wealth from working families.

The Consumer Financial Protection Bureau (CFPB) reversed course on national rules slated to go into effect this year instituting consumer protections from payday loan predators under Trump Administration leadership. Without strong CFPB defenses at a level that is national state guidelines protecting customers would be even more important.

???Before we kicked the payday loan providers away from Oregon, we saw close up how payday loan providers caught families within my blue collar neighbor hood within an inescapable vortex of financial obligation,??? said Merkley. ???The customer Financial Protection Bureau??™s work is always to protect customers, never to protect predatory payday loan providers. We have to stop the Trump Administration??™s plot to remove away crucial customer protections, protect state rules like Oregon??™s, and produce guardrails to avoid customers from getting into a cycle of never-ending debt.???

???For too much time, predatory loan providers have taken benefit of customers whom experience periods of economic uncertainty, pulling families and people right into a period of debt they can??™t escape,??? said Bonamici. Read the rest of this entry »