Top Consumer Agency Proposes New Rules to Curb Payday, Vehicle Title Loan Debt Traps

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown today that is(D-OH the customer Financial Protection Bureau’s (CFPB) proposed guidelines to rein in predatory payday and automobile name loans that usually keep low-income customers caught in a period of financial obligation.

“Ohioans are making it clear which they want defense against predatory payday and vehicle name loans that trap many low-income families in a vicious spiral that is downward of,” said Brown, ranking person in the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Today’s action can help rein inside epidemic that saddles borrowers with triple-digit rates of interest and expenses Ohioans over $500 million in charges alone every year. I shall fight tries to weaken these sensible guidelines and I also will ensure there are not any loopholes that could enable loan providers to help keep exploiting struggling Ohioans.”

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Brown has regularly forced the CFPB to fight misleading and abusive techniques within the cash advance market that prey on low-income people and families that are not able to repay loans in complete. Continue reading →