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

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

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

The Consumer Financial Protection Bureau (CFPB) reversed course on national rules slated to go into effect this year instituting consumer protections from payday loan predators under Trump Administration leadership. Without strong CFPB protections at a level that is national state legislation protecting customers will undoubtedly be even more crucial.

“For too much time, predatory loan providers took advantageous asset of customers whom encounter durations of monetary uncertainty, pulling families and people as a period of financial obligation they can’t escape,” said Bonamici. “Instead of fighting lending that is predatory the Trump management is reducing guidelines built to hold payday loan providers accountable. Congress must remain true for customers by passing the SECURE Lending Act.