PRESS STATEMENT. NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

PRESS STATEMENT. NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

NCLR Praises CFPB Rule to Curb Predatory Payday Lending Techniques

Rule is a great step that is first but more needs to be performed to shut loopholes

WASHINGTON, D.C.—Today, NCLR (National Council of Los Angeles Raza) applauded the production of a proposed guideline from the customer Financial Protection Bureau (CFPB) to modify the payday financing industry. The industry has a brief history of pushing out unsafe economic products which trap many hardworking Americans, including Latinos, in a financial obligation period, and also this proposed guideline is welcome relief for numerous customers who reside paycheck-to-paycheck. Continue reading