The organizations listed below submitted this comment letter to the Consumer Financial Protection Bureau (CFPB) on its new leadership’s proposed delay of a 2017 rule the agency had issued to stop payday and car title loans from trapping consumers in debt. The letter rebuts the CFPB’s rationale for proposing a 15-month delay of the payday rule, which the agency is now also moving to gut by removing the common sense requirement that lenders generally verify that borrowers can repay a loan.
The organizations joining their voices in opposition to this harmful action are: Center for Responsible Lending, Americans for Financial Reform Education Fund, Consumer Federation of America, Leadership Conference on Civil and Human Rights, League of United Latin American Citizens (LULAC), NAACP, National Association for Latino Community Asset Builders, National Coalition for Asian Pacific American Community Development (National CAPACD), National Consumer Law Center (on behalf of its low income clients), UnidosUS, and U.S. PIRG.