Predatory Lenders Plot to Sabotage New CFPB Rules

by Amit Narang, Public Citizen

A couple weeks ago, VICE did some incredible and shocking reporting about an attempt by the predatory payday lending industry to sabotage proposed rules designed to finally rein-in industry practices that have ruined lives by trapping far too many Americans into endless cycles of debt. Payday lenders take advantage of consumers by charging astronomical interest rates and fees, requiring people to take out strings of additional loans that stack up into insurmountable piles of debt…

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