Public comment needed! We have an historic opportunity to set fair payday lending rules for the whole country.

Help the CFPF stop payday loan sharks!
The Consumer Financial Protection Bureau (CFPB) has released draft rules to limit predatory lending practices. At the heart of their proposal is the reasonable and widely accepted idea that payday and car title loans should be made based on the borrower’s actual ability to repay – while still meeting basic living expenses.
The rules are an important step in the right direction – but they need to be stronger. The payday lending industry is lobbying hard to weaken the rules, as well as bypass them at the state level. While we passed payday lending protections in Washington state in 2009, which have saved Washingtonians $666 million in fees and exorbitant interest, we’ve had to defend them every year.
Now we need your advocacy! Stronger rules at the federal level mean stronger protections in Washington!
TAKE ACTION!
Email: FederalRegisterComments@cfpb.gov
Here’s some sample language you can use:
Thank you for releasing draft rules to limit lending practices that trap people in poverty. I urge you to add language to strengthen the policies so that lenders across the board actually take steps to determine a borrower’s ability to repay, prevent lenders from “flipping” loans, limit the extraordinary measures lenders use to extract payment, and limit total indebtedness to 90 days per year, consistent with the FDIC standard.
Thank you for your work!
For more information, go to Stop The Debt Trap.