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 (SAFE) Lending Act. The SECURE Lending Act would break straight straight down on a number of the worst abuses of this 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 (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 protections at a level that is national state rules protecting customers is likely to be even more crucial.
вЂњFor too much time, predatory loan providers took advantageous asset of consumers whom encounter durations of economic uncertainty, pulling families and individuals right into a period of financial obligation they canвЂ™t escape,вЂќ said Bonamici.