The Consumer Financial Protection Bureau (CFPB) - under the new leadership of Kathy Kraninger - is seeking to make major changes to its landmark Payday Lending Rule. The 2017 rule sought to rein in predatory payday lenders, which strip over $8 billion from the pockets of consumers through loans that carry triple-digit interest rates and exorbitant fees.The newly proposed changes would strip the "Ability to Repay" provision from the rule, allowing predatory lenders to continue issuing high-cost small dollar loans without considering a borrower's ability to repay.
It's critical that we fight back and preserve the original rule that was introduced. Take a moment to call your Representative and ask them to preserve the original payday lending rule.
If this is your first time taking action here, please enter your contact information so that we can locate your Representative. Once you click "Call", the auto-dial will connect you directly to your Representative's office. Once connected, here's what you can say:
"My name is
friend and I’m a constituent of yours residing here in
your state. I’m calling to request that you
you oppose efforts to weaken or block the Consumer Financial Protection Bureau’s 2017 Payday Lending Rule.
Recent changes introduced by Director Kathy Kraninger, including the removal of the Ability to Repay standard, would give payday lenders a free pass to continue to saddle consumers with loans that carry predatory fees and triple digit interest rates that ultimately end up draining over $8 billion for the pockets of individuals, placing many into long-term debt.
Please keep the CFPB accountable to your district and do everything in your power to keep the Ability to Repay standard in the final Payday Lending rule."