New Yorkers to CFPB: We need a strong payday lending rule!
This morning, New Economy Project hand-delivered a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, calling on the CFPB to issue a strong payday lending rule that ends the payday loan debt trap once and for all.
The CFPB is on the verge of proposing the first-ever federal rule to regulate the payday loan industry. There is clearly a ton at stake with the new rule, and the CFPB has an unprecedented opportunity — and mandate, we would add — to effectively end one of the most discriminatory and exploitative loan products out there. New Economy Project has joined with groups around the country to call on the CFPB to issue a strong rule.
Read the letter, signed by 55 New York elected officials, community development financial institutions, and civic organizations, here.