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News Release: Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking

Submitted by on February 6, 2019 – 12:35 pm

FOR IMMEDIATE RELEASE

Feb. 6, 2019

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

Kraninger Allows Payday Lenders To Drive Policy With Proposed Rulemaking

Statement From Linda Jun, senior policy counsel of Americans for Financial Reform:

“In proposing to undo the rule against abuses in payday and car title lending that the CFPB crafted after five years of careful study and an open process, the new CFPB director Kathy Kraninger is allowing the payday lenders to drive policy at the agency, just as Mick Mulvaney did. This puts a vital consumer protection on the chopping block at the behest of predatory payday lenders, inviting them to continue profiting from trapping borrowers in a cycle of debt. We urge the Director to change course and not finalize such a rule.”

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