2019 Payday Lending Comment Letter
Earlier this year, the Consumer Financial Protection Bureau (CFPB) announced that it's considering repealing key elements of the landmark 2017 payday lending rule. The 2017 rule would put a stop to the worst abuses of the payday market by requiring lenders to determine whether a borrower can afford a loan before being offered one (the ability to repay standard) and by limiting the number of loans that can be taken out by a borrower over a given period of time.
If the Bureau is successful in repealing key elements of the 2017 rule, payday lenders will continue to market these highly predatory loan products without any sensible regulations in place to protect consumers from harm.
Read Prosperity Now's comment letter to read about why proposed changes to this rule could be harmful for so many working Americans.