CFPB Rule Will Let Predatory Lending Increase
FOR IMMEDIATE RELEASE
Contact: Shin Inouye, [email protected], 202.869.0398
WASHINGTON – Vanita Gupta, president and CEO of The Leadership Conference on Civil and Human Rights, issued the following statement on the Consumer Financial Protection Bureau’s (CFPB’s) final rule on payday and car-title lending:
“How shameful that at a time when COVID-19 has killed at least 130,000 people in America and caused economic turmoil on a scale we have not seen since the Great Depression, the CFPB’s priority is filling the waters with loan sharks. The truly immoral decision to undo consumer protections at this time threatens to devastate communities of color that, as is typical in these crises, are already facing the worst fallout of the pandemic. To do so based on junk research is even worse. These communities need more, not fewer, CFPB protections now. If the courts do not promptly strike down this gift to predatory lenders, then Congress needs to step in and impose better protections.”
The Leadership Conference on Civil and Human Rights is a coalition charged by its diverse membership of more than 220 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.