WASHINGTON – Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act Tuesday, directed at cracking down on a few of the worst abuses regarding the lending that is payday, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.
Under Trump management leadership, the buyer Financial Protection Bureau, which previously ended up being set to institute nationwide rules linked to pay day loans, has instantly reversed course on customer defenses from payday predators. Without strong CFPB defenses at a level that is national state legislation protecting customers should be even more crucial.
“Predatory payday advances trap working families in a vortex of financial obligation
These ultra loans that are high-interest unsatisfactory and destructive, ” said Merkley.