By David Luna, Executive Director
Join us in standing up with and for families against predatory lenders. Submit your comment by May 15, 2019 to speak out against proposed changes to the Payday Loans Rule.
The Consumer Financial Protection Bureau (CFPB) is poised to gut landmark regulations that would protect poor and low-income families from payday loan debt traps.
Under new leadership, the CFPB is seeking to eliminate the ability-to-pay rule, which requires short-term lenders to verify that borrowers can realistically repay their loans, without sacrificing their ability to make ends meet, and without needing to immediately take out another loan. This rule is a research-backed, common-sense measure that protects American households from predatory lending practices that extract wealth and entrench poverty.
Far from providing fair “access to credit,” as the loan industry claims, short-term high-interest loans ensnare borrowers in ruinous debt traps and make poor families poorer. The CFPB’s own research shows that more than four out of five payday loans are re-borrowed within a month.
Families need access to credit through fair lending practices that enable them to meet not only their emergency needs but help them build wealth. Rolling back the ability-to-pay rule will only further hinder the ability of poor and low-income families and communities to lift themselves up.
We have until May 15th to speak out against this proposed rule change during the mandatory 90-day public comment period.
Your voice is critically needed to turn the tide against this harmful rollback that will especially hurt poor and low-income families and communities of color. Stand up for families by submitting a comment speaking out against this rollback. Share your views on the need for fair lending practices in your community. Share your stories of how you or someone you know has been harmed by predatory lending and payday loan debt traps.
The more unique, original comments we can muster, the stronger our collective message will be.
Struggling families should be supported, not exploited. The Payday Loans Rule should be protected, not weakened. Share your voice now to stand up against predatory lenders that target poor families for unchecked profit!
View a sample comment, tailored for Illinois residents, from EVA ally Woodstock Institute. We strongly encourage you to share your own comment, in your own words. Duplicate or highly similar comments may be counted as a single comment, which will dilute their power.
Comments can also be emailed to 2019-NPRM-PaydayReconsideration@cfpb.gov with Docket No. CFPB-2019-0006 or RIN 3170-AA80 included in the subject line of the message.
We need many voices to turn the tide. Please share this or other allied calls for public comment on this harmful proposal to rollback the ability-to-pay standard for short-term lenders.
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