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Merkley, Bonamici, Cummings Introduce SECURE Lending Act to safeguard Consumers from Predatory Practices in Payday Lending

WASHINGTON, D.C. – Today, Oregon’s Senator Jeff Merkley, along side Congresswoman Suzanne Bonamici (D-OR) and home Oversight Chairman Elijah Cummings (D-MD), introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would split down on a number of the worst abuses associated with the lending that is payday, especially in online payday lending, and protect consumers from misleading and predatory methods that strip wide range from working families.

Under Trump Management leadership

The buyer Financial Protection Bureau (CFPB) reversed program on national guidelines slated to enter impact this season consumer that is instituting from cash advance predators. Without strong CFPB protections at a nationwide degree, state guidelines protecting customers may be even more crucial.

“For too much time, predatory lenders took benefit of customers whom experience periods of monetary uncertainty, pulling families and people in to a period of financial obligation they can’t escape, ” said Bonamici. “Instead of fighting predatory financing, the Trump management is reducing guidelines built to hold payday loan providers accountable. Congress must remain true for customers by moving the SECURE Lending Act. We can not allow predatory lenders to exploit Oregonians yet others in the united states during times during the monetary need. ”

I saw up close how payday lenders trapped families in my blue collar neighborhood in an inescapable vortex of debt, ” said Merkley“Before we kicked the payday lenders out of Oregon. Continue reading