Top Customer Agency Proposes New Rules to Curb Payday, Automobile Title Loan Debt Traps
WASHINGTON, D.C. вЂ“ U.S. Sen. Sherrod Brown (D-OH) today praised the customer Financial Protection BureauвЂ™s (CFPB) proposed guidelines to rein in predatory payday and vehicle name loans that frequently keep low-income customers caught in a period of debt.
вЂњOhioans are making it clear which they want defense against predatory payday and vehicle name loans that trap many low-income families in a vicious unpredictable manner of debt,вЂќ said Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. вЂњTodayвЂ™s action may help rein in this epidemic that saddles borrowers with triple-digit rates of interest and expenses Ohioans over $500 million in costs alone each year. Continue reading Brown Applauds CFPBвЂ™s Action to Fight Predatory Payday Lending