Top Consumer Agency Proposes New Rules to Curb Payday, Vehicle Title Loan Debt Traps
WASHINGTON, D.C. вЂ“ U.S. Sen. Sherrod Brown today that is(D-OH the buyer Financial Protection BureauвЂ™s (CFPB) proposed guidelines to rein in predatory payday and automobile name loans that usually keep low-income customers caught in a period of financial obligation.
вЂњOhioans are making it clear which they want security from predatory payday and vehicle name loans that trap many low-income families in a vicious spiral that is downward of,вЂќ stated Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. вЂњTodayвЂ™s action can help rein in this epidemic that saddles borrowers with triple-digit rates of interest and expenses Ohioans over $500 million in charges alone every year. I shall fight tries to damage these sensible guidelines and I also makes yes there are not any loopholes that could enable loan providers to help keep exploiting struggling Ohioans.вЂќ
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Brown has regularly pressed the CFPB to fight misleading and abusive techniques within the cash advance market that victimize low-income people and families that are not able to repay loans in complete.