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Merkley introduces bill to break straight straight down on payday loan providers

Merkley introduces bill to break straight straight down on payday loan providers

WASHINGTON – Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act Tuesday, targeted at cracking down on a number of the worst abuses associated with lending that is payday, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.

The Consumer Financial Protection Bureau, which previously was set to institute national rules related to payday loans, has suddenly reversed course on consumer protections from payday predators under Trump administration leadership.

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