Los Angeles County Takes Stand Against Predatory Payday Lending Methods

Los Angeles County Takes Stand Against Predatory Payday Lending Methods

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On Thursday, September 8th, the seat associated with the Los Angeles County Board of Supervisors, Hilda L. Solis, hosted a press meeting with Los Angeles community leaders where she chatted concerning the economic harms caused by predatory payday, vehicle name, and installment that is high-cost.

Los Angeles County Movement

During the press meeting, Supervisor Solis announced A los angeles County movement to get the buyer Financial Protection Bureau (CFPB) implementing strong federal rules to better protect consumers from harmful financing techniques by payday, vehicle name, and high price installment loan providers. The movement had been authorized unanimously the next week, making l . a . County the county that is largest in Ca (while the US) to pass through a movement supporting strong guidelines because of the CFPB to better protect consumers from predatory financing.

Supervisor Solis explained: “This movement is a vital method for the l . a . County Board of Supervisors to show that people think protecting families and their pocketbooks is great general public policy and that we strongly support the CFPB finalizing a guideline that may focus on borrowers over ill-gotten earnings.”

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