28 Senators call on CFPB to strengthen payday lending rule

28 Senators, led by Senators Brown Coons, Durbin, and Merkley, signed onto a letter in support of a strong final CFPB small-dollar lending rule. The detailed letter is a powerful call to the CFPB to strengthen its final rule and ensure that we stop the debt trap. Read the full letter.

“We believe that the CFPB’s efforts will help to rein in damaging payday loans, and are pleased that the proposal also applies to abusive vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans. However, we encourage the CFPB to strengthen certain protections in the proposed rule to ensure the strongest possible defense against the predatory lending models that trap consumers in unaffordable and escalating cycles of debt.”

This sign on letter is one aspect of the nation-wide effort to collect comments in support of a strong final CFPB rule — elected officials at local, state, and national levels are joining the chorus of over 100,000 individual comments and counting from consumers calling on the CFPB to produce the strongest final rule possible. Add your voice by submitting a comment!

Read Senator Brown’s Press Release
Read Senator Merkley’s Press Release

In addition to Merkley, Durbin, Brown and Coons, the letter was signed by Senators Jack Reed (D-RI), Kirsten Gillibrand (D-NY), Edward J. Markey (D-MA), Al Franken (D-MN), Tammy Baldwin (D-WI), Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Sheldon Whitehouse (D-RI), Martin Heinrich (D-NM), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Patty Murray (D-WA), Patrick Leahy (D-VT), Dianne Feinstein (D-CA), Mazie Hirono (D-HI), Barbara Boxer (D-CA), Tom Udall (D-NM), Bob Casey (D-PA), Cory Booker (D-NJ), Maria Cantwell (D-WA), Barbara Mikulski (D-MD), Ben Cardin (D-MD), Chris Murphy (D-CT), and Charles E. Schumer (D-NY).

Submit your comment to join the 28 Senators in calling for a strong final rule, and don’t forget to thank your Senator for showing their support!

More coverage:
Huffington Post
The Hill