Merkley Announces Fight Against Payday Lenders

March 12, 2012
Portland Business Journal (Oregon) 
payday lending news

Sen. Jeff Merkley (D-Ore.) recently announced plans to introduce federal legislation to combat predatory payday lending. Merkley was speaker of the Oregon House of Representatives in 2007 when the lawmakers passed the country's strictest restrictions on payday lending stores, limiting interest rates at 36 percent. "While Oregon is lucky to have state legislation in place to stop the worst practices, there are still loopholes and offshore websites that are dragging Oregon families into black holes of debt. We have to bring order to the Wild West of the lending market," Merkley said. He also announced that he sent a letter to the new director of the Consumer Financial Protection Bureau in attempt to seek his help in the fight against unscrupulous lenders.
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