Ny comment page to CFPB on proposed payday lending guideline

Ny comment page to CFPB on proposed payday lending guideline

Via Electronic Submission

The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington

Re: Proposed rulemaking on cash central customer service payday, automobile name, and certain high-cost installment loans, Docket No.

Dear Director Cordray:

We, the 131 signatories to the page, represent a diverse cross-section of elected officials, federal government, work, grassroots arranging, civil liberties, appropriate services, faith-based along with other community companies, in addition to community development banking institutions. We respectfully request that the CFPB count this page as 131 feedback.

Together, we urge one to issue a powerful payday lending rule that ends the loan debt trap that is payday. Due to the fact CFPB makes to issue a rule that is final deal with payday financing nationwide, we urge you never to undermine our state’s longstanding civil and criminal usury guidelines. Certainly, we urge one to issue a guideline that improves our protections that are existing.

Due to the fact CFPB certainly acknowledges, a listing of signatories with this magnitude and breadth is certainly not you need to take lightly. This page reflects the positioning in excess of 38 state and neighborhood elected officials, the NYC Department of customer Affairs, the Progressive Caucus for the NYC Council – also as 92 companies that represent a spectrum that is broad of, views, and constituents. Our company is concerned that the CFPB is poised to issue a weak guideline that wouldn’t normally only set a decreased club for the whole nation, but that could additionally straight undermine our state’s longstanding ban on payday financing.

As New Yorkers, we think we now have a specially appropriate viewpoint to share. Significantly more than 90 million Americans – nearly a 3rd associated with the country – real time in states like nyc where payday financing is unlawful. Continue reading “Ny comment page to CFPB on proposed payday lending guideline”