Civil and Human Rights Coalition Decries House Effort to Undo CFPB Payday Rule
WASHINGTON—In response to the introduction of a Congressional Review Act (CRA) resolution in the House of Representatives to repeal the Consumer Financial Protection Bureau’s (CFPB) recently finalized payday lending rule, Vanita Gupta, president and CEO of The Leadership Conference on Civil and Human Rights, issued the following statement:
“Payday lending is bad financial policy. It uses the lure of quick cash to trap struggling families, particularly families of color, in a cycle of debt and slowly drain them of what little money they have. The CFPB rule is a commonsense policy that requires lenders to ensure that borrowers have enough money to repay their loans, on time, without being left in an even worse financial position. Congress should stand with consumers and reject this shameful and dangerous bill.”
The Leadership Conference on Civil and Human Rights is a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the rights of all persons in the United States. The Leadership Conference works toward an America as good as its ideals. For more information on The Leadership Conference and its member organizations, visit www.civilrights.org.