Friend --

Today should have been the day when predatory lenders were FINALLY reined in.

In October 2017, after five years of research, the CFPB issued a final ability-to-repay rule that would have prohibited predatory payday lenders from approving high-interest loans to borrowers they knew could not pay them back on time. That rule was meant to go into effect today, but instead, the Trump administration and their political appointees have stepped in to stop it.

The Trump administration can still stop the bleeding by restoring the ability-to-repay standard. Tell them to do the right thing for consumers and instate this rule immediately >>>

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By conservative estimates, the ability-to-repay rule would have saved consumers $6.4 billion in fees every year -- or $202 per second. So why did the Trump-CFPB block it? It’s payback -- pure and simple.

The payday industry gave $2.5 million to Donald Trump’s campaign and inaugural committees, and their trade association spent an estimated $1 million holding its annual conference at Trump’s Doral Golf Resort over the last two years.

Enough is enough. Instead of our President and CFPB director fighting for consumers, they’re caving to predatory lenders -- for as long as the campaign checks continue to clear. They don’t mind that consumers will be punished with billions of dollars in abusive fees, but we do: Sign on today to stand up and fight back.

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-- Allied Progress



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