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 straight straight straight down on a few of the worst abuses regarding the payday financing industry, 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 defenses at a nationwide degree, state legislation protecting customers will soon be even more crucial.

“For too much time, predatory loan providers took benefit of consumers whom encounter periods of economic uncertainty, pulling families and folks as a period of financial obligation they can’t escape,” said Bonamici. “Instead of fighting lending that is predatory the Trump management is easing guidelines built to hold payday loan providers accountable. Read more