We call them financial obligation traps for a explanation: Payday lending has long generated schemes that literally trap consumers in consecutive loans with obscenely interest that is high. Mike directs U.S. PIRG’s campaign that is national protect consumers on Wall Street plus in the financial marketplace by protecting the buyer Financial Protection Bureau. Mike also works for stronger privacy protections and accountability that is corporate the wake for the Equifax information breach—which has acquired him widespread nationwide news protection in a variety of outlets. Mike everyday lives in Washington, D.C. Payday financing has very long led to schemes that literally trap consumers in consecutive loans with obscenely high interest levels.
We call them financial obligation traps for a explanation.
These tricks advertised to consumers that are financially vulnerable why the Consumer Financial Protection Bureau (CFPB), under previous Director Richard Cordray, created the Payday Lending Rule, which was finalized in October 2017. (more…)