Waters: CFPB Payday Proposal A Step in the Right Direction
Washington, DC, June 2, 2016
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement on the Consumer Financial Protection Bureau’s efforts to protect consumers from abusive lending practices:
“The CFPB has taken an important step today to rein in payday lenders that prey on financially vulnerable Americans. These loans often come with outrageous terms, such as interest rates that can top 1,000 percent, and trap millions of Americans a year in a cycle of debt that many of them are never able to exit. I applaud the CFPB for their proposal and I will continue to work with the CFPB and consumer advocates to stop the debt trap once and for all.