Payday Loan Rules Would Help Low-Income Families Prevent $8 Billion in Charges

Payday Loan Rules Would Help Low-Income Families Prevent $8 Billion in Charges

In 2007, then-Professor Elizabeth Warren reminded us that “it is impractical to purchase a toaster which has a one-in-five potential for bursting into flames and burning straight down your house.” But {as she noted, it is fairly easy to get.

Today, the buyer Financial Protection Bureau (CFPB) released new regulations to assist just take these harmful financial loans from the rack. This guideline is anticipated to aid families that are struggling $8 billion in charges from predatory lenders every year. Yet, it faces an uphill battle—the CFPB will require not merely general public help for the rule to come calmly to fruition, but in addition for Congress to not ever sabotage its efforts and for state legislatures to simply help push it to the line that is finish. Read more