Lawyers’ Committee for Civil Rights Under Law Submits touch upon CFPB’s Notice of Proposed Rulemaking To Roll Back pay day loan Rule

Washington, D.C. – Today, the Lawyers’ Committee for Civil Rights Under Law presented a touch upon the customer Financial Protection Bureau’s Notice of Proposed Rulemaking (NPRM) to move right straight back the 2017 pay day loan Rule, which regulates loans that are payday automobile name loans, as well as other forms of high priced loans directed at low-income communities of color with woeful credit. The Lawyers’ Committee additionally published a study analyzing the commercial effect of the loans, finding disproportionate targeting at and problems for these communities.

The buyer Financial Protection Bureau (CFPB) enacted the cash advance Rule in October 2017 after many years of outreach, research, and article on over a million comments that are public customer advocates, payday loan providers, state regulators, among others.

The Rule desired to guard consumers which can be low-income customers of color into the financing market that are frequently victims of predatory loans that trap customers in rounds of insurmountable financial obligation through excessive interest levels. Lees meer