Loan Sharks Find Friend in Fincher
Good news! The Consumer Financial Protection Bureau (CFPB) is considering tough new rules to rein-in payday lending loan sharks. In fact, the Credit Union Times reports:
“Today the CFPB announced it is considering proposing rules that would end payday debt traps by requiring lenders to take steps to make sure consumers can repay their loans,” a statement on the CFPB’s website read. “The proposals under consideration would also restrict lenders from attempting to collect payment from consumers’ bank accounts in ways that tend to rack up excessive fees. The strong consumer protections being considered would apply to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans.”
The article goes on to point out that the lobbyists for the loan sharks are searching for friends in Congress.
Unfortunately, they’ve already found one in Tennessee Congressman Stephen Fincher.
That’s right, Stephen Fincher signed a letter asking the CFPB to back off — to take it easy on the payday loan sharks. Fincher wants the payday lenders to continue with business as usual.
Contact Stephen Fincher today! Tell him you want him to stop defending the loan sharks and start supporting the CFPB’s strong rules to rein-in payday lending abuse.