On June 2, the Consumer Financial Protection Bureau (CFPB) proposed new rules aimed at reducing the harmful effects of predatory lending debt traps like payday and car title loans. Virginia Organizing is excited that steps like basic underwriting criteria to ensure people can afford to pay back loans were proposed to stop the vicious cycle of predatory lending, but the loan sharks are fighting to stop these rules from taking effect.
We cannot allow these businesses to destroy people’s lives by burying them in debt.
I was a victim of these unfair practices and I would not want anyone to get caught in the same debt trap that I did. You can read my story in the Virginian-Pilot and why I want everyone to stay clear of these loans by clicking here. The current proposed rules leave open too many loopholes where predatory lenders can still take advantage of people and we want the Consumer Financial Protection Bureau to close them.
We need to take action and demand that the CFPB stop the debt trap for good. We want them to set clear federal standards that will cover everyone — in every state!
Please take action and leave a comment at http://www.stoppaydaypredators.com/VirginiaOrganizing telling the CFPB that we need stronger rules to stop the debt trap and to protect our families. If you have a story to share, we’d love to hear it. Just reply to this email and tell us about your experience with predatory lenders.