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Merkley, Bonamici, Cummings Introduce SAFE Lending Act to guard Consumers from Predatory techniques in Payday Lending

Merkley, Bonamici, Cummings Introduce SAFE Lending Act to guard Consumers from Predatory techniques in Payday Lending

Today, Oregon’s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and home Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would split straight straight down on a few of the worst abuses associated with payday lending industry, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.

Under Trump management leadership, the buyer Financial Protection Bureau (CFPB) reversed program on nationwide rules slated to get into impact this season instituting customer defenses from cash advance predators. Without strong CFPB defenses at a level that is national state legislation protecting customers is likely to be much more crucial.

“For too much time, predatory loan providers took advantageous asset of consumers whom encounter durations of monetary uncertainty, pulling families and folks into a period of financial obligation they can’t escape,” said Bonamici. “Instead of fighting predatory financing, the Trump management is reducing guidelines built to hold payday loan providers accountable. Continue reading Merkley, Bonamici, Cummings Introduce SAFE Lending Act to guard Consumers from Predatory techniques in Payday Lending