PRESS STATEMENT. NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

PRESS STATEMENT. NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

Rule is a great step that is first but more needs to be performed to shut loopholes

WASHINGTON, D.C.—Today, NCLR (National Council of Los Angeles Raza) applauded the production of a proposed guideline through the customer Financial Protection Bureau (CFPB) to modify the lending industry that is payday. The industry has a brief history of pushing out unsafe monetary products which trap many hardworking Americans, including Latinos, in a financial obligation period, and also this proposed guideline is welcome relief for numerous consumers who reside paycheck-to-paycheck. Nonetheless, NCLR also urges the CFPB to shut a few loopholes that nevertheless enable a few of the payday lending practices that are worst to keep.

“For people who are struggling to help make ends fulfill, choices for safe and affordable financial loans, particularly in the type of small-dollar credit (microloans) in many cases are restricted. Continue reading