Tell the CFPB—Fix New Rules to Stop Predatory Lending

From the Campaign for America’s Future (http://www.ourfuture.org/):

Payday and car title lenders have a simple business model: Gouge the poor and trap the vulnerable in an endless cycle of debt.

Can’t pay? They’ll take your car. Need some more time? They’ll suck your checking account dry and charge you a penalty for the privilege.

There’s nothing new here. This isn’t a “valuable service to the community.” They’re nothing more than loan sharks. The only thing that separates them from the guy on the street corner is the payday lenders have lobbyists pleading their case in Washington.

But ordinary people have an advocate, thanks to Senator Elizabeth Warren: The Consumer Financial Protection Bureau.

The CFPB has proposed new rules, and they’re a good start. But they don’t go far enough. To dismantle the debt trap, payday lenders should only loan to borrowers who can afford to repay their debt.

That’s why we need your help: Tell the CFPB to plug the hole in their new rules at http://stoppaydaypredators.org/CAF/.

This is the once-in-a-generation opportunity to rein in a detestable industry that 71 percent of Americans think needs more regulation. Thanks for all you do.