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AFR Statement: Statement on Passing of Deadline to Roll Back CFPB Payday Rule

Submitted by on May 17, 2018 – 11:12 am
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FOR IMMEDIATE RELEASE

May 17, 2018

CONTACT:Carter Dougherty; carter@ourfinancialsecurity.org(202) 251-6700

AFR Statement on Passing of Deadline to Roll Back CFPB Payday Rule

“A coalition of over a thousand community, consumer, civil rights, labor, faith-based, veterans, and other organizations in all fifty states can claim victory today after calling on the CFPB to issue these consumer protections, and Congress to support them,” said José Alcoff, Payday Campaign Manager at Americans for Financial Reform. ” Tens of thousands have stood up to payday lenders who have been preying on their communities, and fought to rein in these debt traps at the state and federal levels.”

“Congress has done the right thing in allowing the rule to stand. Now the spotlight is on Mick Mulvaney. Will he move ahead on his plans to unravel it, and continue to cater to the payday lenders who gave generously to his campaigns?” said Lisa Donner, executive director at AFR. “There is overwhelming evidence of the harm done to individuals and communities by the payday loan debt trap. The coalition is ready for the next stage in our fight against predatory lending abuses.”

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