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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 relocate to Rescind CFPB Rule Designed to Safeguard 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 eradicate guidelines consumers that are protecting abusive payday and automobile name loans. The states filed a comment that is official because of the customer Financial Protection Bureau (CFPB) opposing the Bureau’s proposed repeal of guidelines used in 2017 to safeguard customers from exorbitant rates of interest as well as other predatory techniques that trap consumers in rounds of debt while preserving use of less-risky kinds of short-term credit. The page contends that eliminating the 2017 defenses, which were set to enter impact in August 2019, would damage customers, reduce states’ ability to safeguard their residents from predatory lending, and it is inconsistent with all the CFPB’s appropriate obligations to guard consumers from unjust and abusive methods.