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Statement by Mike Litt, U.S. PIRG consumer campaign director, on Congress allowing the deadline to pass without repealing the Consumer Financial Protection Bureau’s payday lending rule.
“It speaks volumes that Congress has allowed the clock to run out on repealing protections against payday debt traps. By its inaction, Congress has affirmed the need to protect Americans against loans with an average annual interest rate of 390 percent.
The Consumer Financial Protection Bureau’s payday lending rule was crafted over several years of research, public input, and compromise. Requiring payday lenders to make sure borrowers can repay their loans is long overdue and the right thing to do.
Interim director Mick Mulvaney should scrap his plan to delay implementation of the rule before any more Americans are trapped by predatory lenders.”
U.S. PIRG is the federation of state Public Interest Research Groups. PIRGs are non-profit, non-partisan public interest advocacy organizations that stand up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society.
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