Posted on Leave a comment

MERKLEY ANNOUNCES LEGISLATION TO CRACK DOWN ON PAYDAY LENDERS

MERKLEY ANNOUNCES LEGISLATION TO CRACK DOWN ON PAYDAY LENDERS

Senator calls on customer Financial Protection Bureau to shut loopholes and establish rules for payday loan providers

Portland, OR – Oregon’s Senator Jeff Merkley today announced their intent to introduce federal payday legislation to determine strong guidelines for payday lenders and close loopholes on online and overseas payday financing internet internet sites. Today, Merkley additionally delivered a page to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to ask him to do this against payday loan providers. “Millions of People in america are influenced by the bad credit loans Louisiana abusive and misleading lending that is payday across our nation and on the internet,” said Merkley. “While Oregon is happy to own state legislation set up to get rid of the even even worse techniques, you can still find loopholes and overseas internet sites which are dragging Oregon families into black colored holes of debt. We must bring purchase towards the crazy West associated with financing market.” While visiting with customer advocates in North Portland today, Senator Merkley outlined actions that needs to be taken fully to rein in misleading lending that is payday and close loopholes by online and offshore web sites. Continue reading MERKLEY ANNOUNCES LEGISLATION TO CRACK DOWN ON PAYDAY LENDERS