Rep. Grijalva Slams Deregulation of Payday Lending Industry From Trump Administration
July 09, 2020
July 09, 2020
TUCSON, Arizona, July 9 -- Rep. Raul Grijalva, D-Arizona, issued the following news release:
This week, the Consumer Financial Protection Bureau rescinded a series of rules and regulations that oversaw the payday lending industry, making it easier for predatory short-term loan agencies to issues quick, high-interest loans to vulnerable consumers. The previous rule required short-term lenders to issue loans based off the ability of consumers to repay the loan within two weeks.
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This week, the Consumer Financial Protection Bureau rescinded a series of rules and regulations that oversaw the payday lending industry, making it easier for predatory short-term loan agencies to issues quick, high-interest loans to vulnerable consumers. The previous rule required short-term lenders to issue loans based off the ability of consumers to repay the loan within two weeks.
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