lawyers General Oppose proceed to Rescind CFPB Rule built to Safeguard Consumers from Dangerous Debt Traps
WASHINGTON, D.C. – Attorney General Karl A. Racine today led a coalition of 25 states opposing the Trump administration’s efforts to get rid of guidelines consumers that are protecting abusive payday and automobile title loans. The states filed a official remark page utilizing the customer Financial Protection Bureau (CFPB) opposing the Bureau’s proposed repeal of guidelines used in 2017 to guard customers from extortionate interest levels as well as other predatory techniques that trap consumers in rounds of financial obligation while preserving use of less-risky kinds of short-term credit. The page contends that eliminating the 2017 protections, that have been set to get into impact in August 2019, would damage customers, reduce states’ ability to safeguard their residents from predatory financing, and it is inconsistent utilizing the CFPB’s appropriate responsibilities to protect customers from unjust and abusive methods. Continue reading “AG Racine Leads coalition that is 25-State Trump Administration Rollback Of Common-Sense Protections For Cash Advance Borrowers”