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Cortez Masto, Senate Democrats Need Answers About CFPB Choice to eradicate Payday Lending Protections

Cortez Masto, Senate Democrats Need Answers About CFPB Choice to eradicate Payday Lending Protections

Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) accompanied Senator Jeff Merkley (D-Ore.) plus the entire Senate Democratic installment loans CT Caucus in opposing the customer Financial Protection Bureau’s (CFPB) new attempt to gut its payday security guideline.

“Repealing this guideline supplies a light that is green the payday financing industry to victim on susceptible US customers,” penned the senators in a page to Trump-appointed CFPB Director Kathy Kraninger. “In drafting these devastating modifications to the Payday Rule, the CFPB is ignoring the most fundamental axioms of customer finance — a person shouldn’t be offered a predatory loan which they cannot pay off.”

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