Kathy Kraninger, the Director of the Consumer Financial Protection Bureau (CFPB) announced the agency’s plan to repeal a rule aimed at stopping the payday lending debt trap. (Photo: iStockphoto / NNPA)
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CFPB Makes Move to Support Payday Lenders During Black History Month

NNPA NEWSWIRE — When given the chance at the ballot box, Americans overwhelmingly vote to impose a 36 percent or less rate cap. Today, 16 states and the District of Columbia have these rate caps in place, providing strong protection from payday loan sharks. In remaining states – those without a rate cap – interest rates run as high as 460 percent in California, over 400 percent in Illinois and 662 percent in Texas. […read more]

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