Letter to CFPB: Payday Rule Should Cover Longer-Term, Multi-Payment Loans

View this document (PDF)

Published: May 2, 2014

American consumers need strong protections from unfair, deceptive or abusive practices in the payday and small-dollar lending markets.  CRL joined Americans for Financial Reform and more than 100 other organizations to urge Richard Cordray, Director of the Consumer Financial Protection Bureau, to pass a broad rule, warning that an overly narrow rule could result in an even deeper debt trap.