Statement From Rebecca Smullin, Public Citizen Attorney
Note: On Thursday afternoon, the U.S. Consumer Financial Protection Bureau (CFPB) delayed key measures aimed at protecting consumers from payday and vehicle title lenders’ abuses that trap borrowers in unaffordable loans.
The CFPB’s action is disgraceful. Congress created the agency to protect consumers from financial companies’ abuses. Now, the agency’s new leaders are turning this mission on its head with a rule that will harm consumers. This delay puts payday and vehicle title lenders’ profits before the needs of the vulnerable consumers the lenders injure.