Oregon’s Senator Jeff Merkley released the following statement after the Consumer Financial Protection Bureau (CFPB), under the leadership of a Trump appointee, announced new rules gutting protections against predatory payday lenders: “Every day the Trump Administration prioritizes the privileged and powerful over working Americans, but deliberately helping loan sharks to cannibalize the pocketbooks of vulnerable families is a low blow even for them. Let’s call it for what it is: a payday predator protection plan. Payday lenders prey on cash-strapped families during their toughest times, often issuing loans with annual interest rates as high as 500% and sucking families into an inescapable vortex of debt.
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Merkley Denounces New Payday Predator Protection Plan
OREGON UPDATE
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Washington, DC | February 6, 2019
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