Tag Archives: payday

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Letter to Regulators: Comprehensive Comment On CFPB’s Proposal To Repeal Payday Rule

The Proposal—a plainly outcome-driven, 47-page exercise in grasping for straws—has offered no reasonable basis to rescind that Rule. Based on a distorted focus on the Rule’s “dramatic impacts” on lenders’ ability to engage in a predatory practice, rather than on the need to protect consumers, the Proposal claims that the evidence must somehow be “more robust.” If the Rule requires significant changes for payday and vehicle title lenders, it is because the harm to consumers is dramatic. The Bureau’s new approach would ignore its consumer protection mandate and require the agency to hesitate when consumer harm is the most severe.

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AFR in the News: How Predatory Payday Lenders Plot to Fight Government Regulation

“VICE has obtained exclusive transcripts of this year’s annual meeting of the Community Financial Services Association of America… at the Atlantis Paradise Island Resort. That’s where lenders were taught exactly what it might take to beat back an existential threat to their business. Trapping people in unaffordable debt is ‘their business model,’ said Gynnie Robnett [of] Americans for Financial Reform… ‘And they seem determined to preserve it, any weasel-y way they can.'”