Brown Applauds CFPB’s Action to Fight Predatory Payday Lending

Brown Applauds CFPB’s Action to Fight Predatory Payday Lending

Top Customer Agency Proposes New Rules to Curb Payday, Automobile Title Loan Debt Traps

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today praised the customer Financial Protection Bureau’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.

“Ohioans 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,” said Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Today’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 CFPB’s Action to Fight Predatory Payday Lending