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.