AFR in the News: Consumer Watchdog Cracks Down on Payday Lenders, Bucking Trump (Bloomberg)
“Consumer advocates say tougher rules are needed because lenders often prey on desperate borrowers who are living paycheck to paycheck by trapping them in debt. ‘Payday and car title lenders profit from repeatedly dragging hard-pressed people deeper and deeper into debt, and taking advantage of families when they are financially vulnerable,’ Lisa Donner, the Americans for Financial Reform’s executive director, said in a statement. ‘Curbing the ability to push loans that borrowers clearly cannot repay is a key protection.’”