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PRESS STATEMENT. NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

PRESS STATEMENT. NCLR Praises CFPB Rule to Curb Predatory Payday Lending Methods

NCLR Praises CFPB Rule to Curb Predatory Payday Lending Techniques

Rule is an excellent step that is first but more needs to be achieved to shut loopholes

WASHINGTON, D.C.—Today, NCLR (National Council of Los Angeles Raza) applauded the production of the proposed guideline through the customer Financial Protection Bureau (CFPB) to modify the lending industry that is payday. The industry has a brief history of pushing out unsafe monetary items that trap many hardworking Americans, including Latinos, in a financial obligation period, and also this proposed guideline is welcome relief for numerous customers whom live paycheck-to-paycheck.