Waters Statement on Google Announcement to Ban Payday Lending Ads
Washington, DC, May 11, 2016
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on an announcement from Google that it will ban ads for short-term loans with high interest rates:
“Today, Google announced an initiative to protect consumers from predatory payday lending by banning ads for short-term loans with high rates. After studying the data, Google found that some credit products trap consumers in a never-ending cycle of debt. According to Google’s own research, products with short repayment periods or high APRs can result in unaffordable payments and high default rates.
In 2015, Rep. Waters led an Interfaith Payday Lending Roundtable with religious leaders and lawmakers to discuss the impact predatory payday and small-dollar lending practices are having in communities across America. She also sent a letter to universities and retirement plans to divest their interests in payday lenders.