Congress: Hands Off Brand Brand New Rule Protecting Families from Payday Lenders

Congress: Hands Off Brand Brand New Rule Protecting Families from Payday Lenders Initially starred in the Durham Herald and signed by both Larry Hall, Secretary associated with NC Department of Military and Veterans Affairs, and Jennifer Copeland, Executive Director associated with NC Council of Churches. Ignoring the sounds of families and communities who possess worked for several years for respite from the harms of predatory lending that is payday a a small number of people in Congress have actually introduced legislation that could nullify the buyer Financial Protection Bureau’s nationwide guideline to rein in payday financing abuses. Their legislation utilizes Congressional Review Act authority to repeal the guideline and steer clear of the customer Bureau from issuing the same guideline in the foreseeable future, providing predatory payday and automobile name loan providers a free pass. This legislation, introduced by Rep. Dennis Ross (R-Fla.) and co-sponsored by Rep. Alcee Hastings (D-Fla.), Tom Graves (R-Ga.), Henry Cuellar (D-Texas), Steve Stivers (R-Ohio), and Collin Peterson (D-Minn.), would destroy the very first ever national payday guideline that needs payday and vehicle name loan providers to help make that loan just it back after they have determined that the borrower can afford to pay. […]