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Markey Joins Feinstein, Colleagues Urging CFPB to quit Predatory Payday Lending

Markey Joins Feinstein, Colleagues Urging CFPB to quit Predatory Payday Lending

Washington—As the buyer Financial Protection Bureau (CFPB) considers brand new guidelines to rein in predatory methods in payday and comparable forms of lending, Senator Feinstein (D-Calif.) and 31 other senators indicated their help today for the initial actions the agency has taken and urged the agency to issue the strongest feasible guidelines to fight the “cascade of damaging monetary effects” that these high-priced loans usually have on customers.

The senators had written: “We support the CFPB’s initial actions towards releasing a proposed guideline and urge you to definitely issue the strongest feasible guidelines to finish the harmful outcomes of predatory lending.