Support the Payday Rule to Stop The Debt Trap!
Earlier this year, the Consumer Financial Protection Bureau announced it would rescind the ability-to-repay standard from the 2017 final rule. That means that payday loan sharks would not have to follow the common-sense practice of determining whether a borrower could repay a loan before granting it. This practice would trap more people in endless cycles of debt and hurt consumers.
Currently, the CFPB is assessing tens of thousands of comments that support keeping the ability-to-repay standard. Congress is lending its voice to this process: Chairwoman Maxine Waters (D-CA) is sponsoring a letter urging the CFPB to keep the ability-to-repay in their final rule. We need your help to get as many members of the House of Representatives to sign on to this letter as possible.
Now is the time for action:
Before consumer protections are gutted, we need you to call your member of Congress and tell them to side with consumers, not with the payday loan sharks.
Call your delegation today – Urge them to sign on to Chairwoman Maxine Waters’ letter to the CFPB to Rescind the Harmful Payday Rule Proposal that Harms Consumers! You can find your members’ phone number here.