AFR Statement: Historic Opportunity to End Predatory Payday Lending
“The Consumer Financial Protection Bureau (CFPB) has come out with a proposal for the first federal regulation of small-dollar consumer loans. This rulemaking could help millions of people and be a breakthrough in the struggle to end the abuses of triple-digit-interest, debt-trap lenders. To realize that potential, however, the CFPB will have to address what appear to be a number of weaknesses in this iteration.”