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Merkley, Bonamici, Cummings Introduce SECURE Lending Act to safeguard Consumers from Predatory techniques in Payday Lending

Merkley, Bonamici, Cummings Introduce SECURE Lending Act to safeguard Consumers from Predatory techniques in Payday Lending

WASHINGTON, D.C. – Today, Oregon’s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and home Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SAFE Lending Act would break straight down on a number of the worst abuses regarding the payday financing industry, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.

Under Trump Management leadership

The customer Financial Protection Bureau (CFPB) reversed program on nationwide guidelines slated to get into impact this present year instituting customer protections from pay day loan predators. Without strong CFPB defenses at a nationwide degree, state regulations protecting customers are going to be much more crucial.

“For too much time, predatory loan providers took advantageous asset of customers whom encounter durations of economic uncertainty, pulling families and people as a period of financial obligation they can’t escape, ” said Bonamici. “Instead of fighting lending that is predatory the Trump administration is reducing guidelines made to hold payday loan providers accountable. Congress must remain true for customers by passing the SECURE Lending Act.Read More »Merkley, Bonamici, Cummings Introduce SECURE Lending Act to safeguard Consumers from Predatory techniques in Payday Lending