Last October, the Consumer Financial Protection Bureau released its payday and car-title lending rule. The agency, under the leadership of Richard Cordray, spent five years developing these safeguards, which included input from lenders, faith leaders, veteran and military organizations, civil rights groups, consumer advocates, and constituents from across the country.
This was the first time that a federal agency rolled out substantive protections to help stop payday lenders from trapping families in unaffordable debt.
But over the past year, predatory payday lenders have spearheaded an effort, with help from CFPB acting Director Mick Mulvaney, to stop the rule from moving forward.