Current Policy Actions
Tell the CFPB #ConsumersCantWait for Protections from Predatory Payday Lenders!
In the four years since the Consumer Financial Protection Bureau (CFPB) first opened its doors, it has worked to protect consumers from many harmful financial practices through research, tools, enforcement and regulations. However, when it comes to the issue of payday lending, the CFPB has yet to take far-reaching regulatory action to protect millions of vulnerable, low- and moderate-income families from this predatory product.
Earlier this spring, the CFPB released a framework for proposed regulations on the payday lending industry this spring, but these rules are not coming fast enough or going far enough to ensure that consumers don't find themselves trapped in a cycle of debt. Therefore, our campaign aims to tell the CFPB that #ConsumersCantWait. Our primary objectives for the campaign are to unify a consumer-focused voice to fight back against the industry lobby, which is spending millions to combat regulation, and to generate excitement around this issue among potential advocates to tell the CFPB not to delay any further the release of their proposed payday lending regulations, so that consumer advocates can comment on them in an effort to make them stronger.
To carry out these objectives, below you'll find resources and immediate actionable steps we have put together that you can take to make your case to the CFPB for why #ConsumersCantWait for strong protections from predatory payday lenders.