WASHINGTON, D.C. – Today, Oregon’s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and House Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. The SECURE Lending Act would break straight down on a few of the worst abuses associated with payday financing industry, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.
The Consumer Financial Protection Bureau under Trump Administration leadership
(CFPB) reversed program on nationwide guidelines slated to get into effect this season consumer that is instituting from cash advance predators. Without strong CFPB defenses at a level that is national state regulations protecting customers is likely to be much more crucial.
“For too much time, predatory loan providers took benefit of consumers whom encounter durations of monetary uncertainty, pulling families and folks into a period of debt they can’t escape, ” said Bonamici. “Instead of fighting predatory financing, the Trump management is easing guidelines built to hold payday lenders accountable. […]