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AG Racine Leads 25-State Coalition Opposing Trump Administration Rollback Of Common-Sense Protections For Cash Advance Borrowers

AG Racine Leads 25-State Coalition Opposing Trump Administration Rollback Of Common-Sense Protections For Cash Advance Borrowers

lawyers General Oppose proceed to Rescind CFPB Rule Designed to Protect Consumers from Dangerous financial obligation Traps

WASHINGTON, D.C. – Attorney General Karl A. Racine today led a coalition of 25 states opposing the Trump administration’s efforts to get rid of guidelines protecting customers from abusive payday and car name loans. The states filed a formal remark page using the customer Financial Protection Bureau (CFPB) opposing the Bureau’s proposed repeal of rules used in 2017 to guard customers from extortionate rates of interest as well as other predatory practices that trap consumers in rounds of financial obligation while preserving usage of less-risky kinds of short-term credit. The page contends that eliminating the 2017 defenses, that have been set to get into effect in August 2019, would damage customers, reduce states’ ability to guard their residents from predatory financing, and it is inconsistent utilizing the CFPB’s appropriate responsibilities to guard customers from unfair and practices that are abusive. Continue reading AG Racine Leads 25-State Coalition Opposing Trump Administration Rollback Of Common-Sense Protections For Cash Advance Borrowers