Consumer Financial Protection Bureau

CFA Joins Over 700 Organizations to Call on CFPB to Implement a Strong Payday Lending Rule

CFA has joined over 700 civil rights, consumer, labor, faith, veterans, seniors, business, and community organizations from all 50 states to urge the CFPB to ensure the current rulemaking concerning payday, car title, and high-cost installment loans ends the debt trap. A strong rule must be free of loopholes that will allow predatory practices to continue. Unaffordable payday, car-title, and high-cost installment loans simply dig borrowers into a deeper hole of debt. It’s time to put a strong rule in place that will end abusive practices, and slam shut the debt trap.