Merkley, Bonamici, Cummings Introduce SECURE Lending Act to guard Consumers from Predatory techniques in Payday Lending

Merkley, Bonamici, Cummings Introduce SECURE Lending Act to guard Consumers from Predatory techniques 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 lending that is payday, especially in online payday lending, and protect customers from misleading and predatory practices that strip wide range from working families.

Under Trump Management leadership

The customer Financial Protection Bureau (CFPB) reversed course on nationwide guidelines slated to get into impact this season consumer that is instituting from cash advance predators. Without strong CFPB defenses at a national level, state guidelines protecting customers is going to be even more important.

“For too much time, predatory loan providers took advantageous asset of customers whom encounter durations of monetary uncertainty, pulling families and folks in to a period of debt they can’t escape, ” said Bonamici. “Instead of fighting lending that is predatory the Trump management is reducing guidelines made to hold payday loan providers accountable. Congress must remain true for customers by moving the SECURE Lending Act. We can't enable lenders that are predatory exploit Oregonians yet others around the world during times during the monetary need.Leer Más