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Brand New Federal Action on Payday Lending Can Help Wisconsinites
MADISON – Advocates praised a rule with brand brand new customer defenses that may reduce steadily the harms of short-term payday and car-title financing to Wisconsinites, given yesterday by the federal customer Financial Protection Bureau (CFPB). This morning, the groups welcomed the new protections as an important step, while also calling on state and federal decision-makers to take additional action to stop the payday debt trap on a press conference call.
“Payday and vehicle name loans drive borrowers into financial stress by trapping them in long-lasting financial obligation at triple-digit interest prices,” said Peter Skopec, WISPIRG Director. “These brand brand new defenses are great news. There’s more work to complete. (more…)
