Volume 25 - Number 12
June 9, 2014
Democrats Want CFPB to Crack Down on ‘Predatory’ Payday Loans
A handful of Democrat Senators are urging CFPB Director Richard Cordray to bring an end to what they consider to be predatory small-dollar storefront and online payday lending. “Sadly, the evidence shows that these loans trap consumers in a cycle of debt in which consumers end up owing more than the initial loan amount, an appalling practice that exploits the financial hardship of hard working families and exhibits a deeply flawed business model that does not consider borrowers’ ability to repay the loan,” the senators said in a letter to the director. “The CFPB was established...
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