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Group Vows to protect CFPB Payday Lending Rule from Republican Congressional Assaults

Group Vows to protect CFPB Payday Lending Rule from Republican Congressional Assaults

brand brand New Rule Requires Lenders to think about a Borrower’s capability to Repay that loan

Washington, D.C. – Following today’s statement from the buyer Financial Protection Bureau (CFPB) it will fight efforts by special interest backed-Republicans in Congress to repeal the rule using the Congressional Review Act or other methods that it has finalized a new rule protecting consumers of payday, car title, and other short-term loans, Allied Progress announced.

The rule that is new assist the a lot more than 12 million customers whom fall target every year into the underhanded company techniques of payday lenders – a business that intentionally traps clients in rounds of financial obligation featuring rates of interest that, on average, exceed 300 per cent.