Tell the CFPB to Protect Hoosier Consumers
Two years ago, the Consumer Financial Protection Bureau (CFPB) rolled out new protections for consumers nationwide which required lenders to ensure a borrower could repay a loan before granting it (and only after a consumer has taken out six loans in one year). However, the tides are turning in favor of payday lenders.
Under a new proposed CFPB rule, lenders would not be required to comply with this very modest protection for borrowers stuck in a cycle of debt. These loans undermine Hoosier consumers' financial security, taking direct access to borrowers' bank accounts and draining $60 million in fees alone from Indiana each year. We must work to reform predatory lending and lift our voices against the repeal of this common sense, urgently needed protection.
We need the CFPB to hear from you by EOD:
How you can help:
Contact the CFPB and express your opposition to this proposal.
Please share this request on social media and voice your concerns directly to the CFPB (@CFPB) and Director Kraninger (@CFPBDirector).
To learn more about predatory lending and consumer financial protections in Indiana, contact Logan Charlesworth, Indiana Assets & Opportunity Network Manager.