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Joint Statement Opposing Exceptions to CFPB Payday Rule

Joint Statement Opposing Exceptions to CFPB Payday Rule

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Joint StatementMichael Calhoun, President, Center for Responsible LendingLindsay Daniels, Manager, Wealth-Building Initiative, Economic Policy venture, National Council of Los Angeles Raza (NCLR)Lisa Donner, Executive Director, People in america for Financial ReformRich DuBois, Executive Director, National Consumer Law CenterTom Feltner, Director of Financial Services, Consumer Federation of AmericaKarl Frisch, Executive Director, Allied ProgressWade Henderson, President and CEO, The Leadership Conference for Civil and Human RightsEdmund Mierzwinski, Consumer Program Director & Senior Fellow, U.S. PIRGLiz Ryan Murray, Policy Director, People’s Action InstituteScott Reed, Executive Director, PICOHilary O. Shelton, Director, NAACP Washington Bureau & Senior Vice President for Policy and Advocacy

As representatives of customer, community, spiritual and civil liberties companies, we applaud the buyer Financial Protection Bureau (CFPB) for releasing a powerful payday that is proposed car title lending guideline and urge the Bureau to shut some concerning l pholes that could enable some loan providers to keep making harmful loans with company as always.

At the heart regarding the CFPB’s proposed guideline released early in the day this month in Kansas City, Missouri, is just a sense that is common loan providers should really be needed to see whether or perhaps not a customer is able to repay financing without difficulty or re-borrowing—a requirement which will stop your debt trap of unaffordable loans.