Senator calls on customer Financial Protection Bureau to shut loopholes and rules that are establish payday loan providers
Portland, OR – Oregon’s Senator Jeff Merkley today announced his intent to introduce federal payday legislation to ascertain strong guidelines for payday lenders and close loopholes on online and overseas payday lending web web web sites. Today, Merkley additionally delivered a letter to customer Financial Protection Bureau (CFPB) Director Richard Cordray to ask him to do this against payday loan providers.
“Millions of Us citizens are influenced by the abusive and deceptive lending that is payday across our nation and on the internet,” said Merkley. “While Oregon is fortunate to possess state legislation in position to prevent the even even worse methods, you can still find loopholes and offshore sites which are dragging Oregon families into black colored holes of financial obligation. We must bring purchase to your crazy West for the financing market.”
While visiting with customer advocates in North Portland today, Senator Merkley outlined actions that needs to be taken fully to rein in misleading payday lending methods and close loopholes by on the internet and overseas internet sites. Continue reading “MERKLEY ANNOUNCES LEGISLATION TO CRACK DOWN ON PAYDAY LENDERS”