PRESS STATEMENT NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

PRESS STATEMENT NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

Rule is an excellent first faltering step, but more needs to be performed to shut loopholes

WASHINGTON, D.C.—Today, NCLR (National Council of Los Angeles Raza) applauded the production of a proposed rule through the customer Financial Protection Bureau (CFPB) to modify the lending industry that is payday. The industry has a brief history of pushing out unsafe monetary items that trap many hardworking Americans, including Latinos, in a financial obligation period, and also this proposed guideline is welcome relief for numerous customers whom reside paycheck-to-paycheck. Nonetheless, NCLR additionally urges the CFPB to shut a few loopholes that nevertheless enable a number of the payday lending practices that are worst to keep.

“For people who are struggling in order to make ends fulfill, choices for safe and affordable lending options, specially in the type of small-dollar credit (microloans) in many cases are restricted.Continue reading