Merkley Introduces Bill To Crack Down On Payday Lenders
Merkley introduces bill to crack down on payday lenders
WASHINGTON – Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act Tuesday, aimed at cracking down on some of the worst abuses of the payday lending industry, particularly in online payday lending, and protect consumers from deceptive and predatory practices that strip wealth from working families.
Under Trump administration leadership, the Consumer Financial Protection Bureau, which previously was set to institute national rules related to payday loans, has suddenly reversed course on consumer protections from payday predators. Without strong CFPB protections at a national …