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Payday Lenders Win Special Protections from Congress

Friday, September 15, 2017
Payments Journal
Diane Standaert

“Payday lenders depend on keeping people trapped in loans charging 400 percent interest. Congress just voted to give payday lenders a free pass, showing how out of touch they are with their constituents,” Center for Responsible Lending executive vice president Diane Standaert said. “This vote came despite the fact that 73 percent of likely voters support protections against the harm of the payday debt trap. While these Congress members are failing their constituents, the Consumer Financial Protection Bureau is working to stop the harmful debt trap of payday loans.”