WASHINGTON, D.C. вЂ“ Today, OregonвЂ™s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and home Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SAFE Lending Act would split straight down on a number of the worst abuses associated with lending that is payday, especially in online payday lending, and protect consumers from deceptive and predatory methods that strip wide range 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 laws and regulations protecting customers should be much more crucial.
вЂњBefore we kicked the payday loan providers away from Oregon, we saw close up how payday loan providers caught families during my blue collar neighbor hood within an inescapable vortex of debt,вЂќ said Merkley. вЂњThe customer Financial Protection BureauвЂ™s task would be to protect customers, not to ever protect payday that is predatory. We must stop the Trump AdministrationвЂ™s plot to remove consumer that is away important, protect state laws and regulations like OregonвЂ™s, and produce guardrails to stop consumers from getting into a cycle of never-ending debt.вЂќ