LA Times, Black and latino borrowers may suffer most as Trump tosses out payday-loan rule.
"Christine Hines, legislative director for the National Assn. of Consumer Advocates, echoed that sentiment.
'Payday lenders disproportionately target Black and Latino communities, hawking their high-cost loans on working families and trapping them in a cycle of debt,' she said."
NACA urges the Consumer Financial Protection Bureau not to rescind the ability to repay provision from its 2017 rule on payday loans and to implement the rule as written.
NACA has signed on to a letter urging the CFPB to enact a strong national payday lending rule to protect consumers from debt-trap lending.
"The fringe banking industry exploits vulnerable consumers who must rely on state regulation. Lenders relationships with out-of-state banks are just the latest in a history of attempts to evade interests caps.” This Amicus Brief was written by Deborah Zuckerman and Michael Schuster of AARP Foundation, Gary Leshaw and Leigh Altman of Gary Leshaw and Associates, and Ashley Carraway of Atlanta Legal Aid Society.
