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Comment on CFPB's Proposed Repeal of the Payday Lending Rule

May 17, 2019
Payday and Other Small Dollar Loans
Payday Loans
Comment Letter

The Center for Responsible Lending (CRL), as part of a coalition of civil rights, consumer, and labor groups, submitted an official comment letter to the Consumer Financial Protection Bureau (CFPB), excoriating CFPB Director Kathy Kraninger’s plan to gut a 2017 CFPB rule that was issued to stop payday loan debt traps. The coalition’s comment letter, submitted on the last day of the comment period, is a comprehensive rebuttal to Kraninger’s rationales for rolling back the Payday Rule. The letter shows how her proposal fails to account for ample evidence of consumer harm of these 300%+ APR loans and abandons the CFPB’s core mission.

Download the entire comment letter. (PDF)

Download the executive summary. (PDF)