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Hillary Clinton Statement on New CFPB Proposal for Payday Loans

June 02, 2016

Hillary Clinton released the following statement after the Consumer Financial? ?Protection Bureau released a proposed rule that would put in place strong new protections for payday loans:

"Abusive payday lenders have for too long been a drain on the resources of families in need, charging outrageous fees and interest rates, trapping families in never-ending cycles of debt, and subjecting them to brutal debt collection practices. Today, the Consumer Financial Protection Bureau – a government watchdog dedicated solely to protecting working Americans from unfair and deceptive financial practices – is putting forward an important proposal to crack down on abusive payday lending, and I stand with them in that effort.

"This is an important point of contrast in this campaign. Donald Trump wants to strip the U.S. government's power to apply rules to payday lenders, abolish this critical consumer watchdog, and roll back the other Wall Street reforms that we put in place after the financial crisis. Working families deserve a president who will look out for them – not payday lenders and special interests on Wall Street."

Hillary Clinton, Hillary Clinton Statement on New CFPB Proposal for Payday Loans Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/319725

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