Beating Back the Shark Attack!
Thoughts on a visit to Washington, DC:
You just sent a powerful message to policymakers in Washington, DC.
This week, you told the stories of Tennessee families trapped in a cycle of debt by predatory payday lenders.
And you told that story to the very regulators who have the power to make real change.
I was honored to be your messenger to the Consumer Financial Protection Bureau last week.
I told the CFPB about how Tennessee loan sharks have pioneered the 279% Flex Loan as a payday alternative. I told them about families that have been devastated by having to pay back $2000 or more on an original loan of $500. I told them to ensure that their new payday lending rule doesn’t create a Flex Loan Loophole.
I also told them about how car title loans hold consumers hostage. I suggested loans like these be outlawed.
I was proud to stand with consumer advocates from Florida, Missouri, Michigan, Iowa, Idaho, Washington, Maine, Illinois, Nevada, New York, and Pennsylvania and let the CFPB know we need action now to protect families from legalized loan sharks.
We also sent a message to Congress by drawing attention to HR 4018, a bill co-sponsored by Tennessee’s own Marsha Blackburn. This legislation would delay CFPB action on payday lending and create a safe harbor for the loan sharks.
Unfortunately, the bill has a powerful new ally, Florida’s Debbie Wasserman Schultz. We stood on the steps of Schultz’s office and demanded she stand up for the people, not the payday lenders.
You sent a strong message to Washington this week: It’s time to beat back the shark attack!
For more on payday lending and other consumer protection issues, follow @TNCitizenAction