CFED: Support is Growing for Strong Rules on Payday Lending

The Inclusive Economy Blog

Back in March, the Consumer Financial Protection Bureau (CFPB) released a framework for regulations that would rein in the abuses of the payday lending industry--which sometimes charges interest of up to 1,900% APR on small-dollar loans and traps low-income families in a cycle of crippling debt. But consumers are still waiting for the CFPB to take the next step and actually propose their rules. Every day the CFPB waits to put forth their proposed regulations is another day that low-income families get caught in the payday lending debt trap.

That's why CFED, the Assets & Opportunity Network and the Asset Building Policy Network launched a campaign last month to send a simple message to the CFPB that consumers can't wait any longer for strong protections against payday loans. This week we had our first big campaign victory, when more than 100 partner organizations and individuals joined onto the #ConsumersCantWait Thunderclap and spread the word on social media. By speaking together, we were able to deliver this message to nearly 260,000 social media timelines.

For more information about the campaign and ways to get involved, click here.