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Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending


The Consumer Financial Protection Bureau
NPR
Advance America
ID
the Consumer Financial Protection Bureau
the House Financial Services Committee
Senate
Trump
the Center for Responsible Lending
CFPB
NAACP
Advance America's


Daniella Cheslow
Angela
All Angela
Barack Obama
Kathy Kraninger
Maxine Waters
Mick Mulvaney
Jamie Fulmer
Scott Astrada
Richard Cordray
Hilary Shelton
Quyen Truong


Democratic
Republicans
Democrats


Advance America

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Springfield
Va.
New York
D-Calif
South Carolina
the United States
Washington
Virginia

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The New York Times
SOURCE: https://www.npr.org/2019/03/07/700740998/move-to-pull-consumer-protection-rule-heightens-debate-over-payday-lending
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Summary

Ads promise cash in the form of payday loans at an Advance America storefront in Springfield, Va. The Consumer Financial Protection Bureau is seeking to rescind a proposed rule to safeguard borrowers from payday lenders.During a recent lunch hour in Springfield, Va., a medical assistant named Angela walked into a branch of Advance America at a strip mall and asked for a loan. The firm donated to the Trump inaugural committee.Scott Astrada, director of federal advocacy at the Center for Responsible Lending, a consumer advocacy group, says the industry practices predatory lending and needs to be reined in."The very model of the loan is to take out as much money from the borrower's bank account until that inevitable default," Astrada says.Angela is confident she can pay her loan back — even though the interest works out to an annual rate of 300 percent.Richard Cordray, the CFPB's former director, says the agency's mission has changed."The new leadership at the CFPB has been much less aggressive about doing things that press hard on the industry to change in ways that would help consumers," he says.Democrats, who took control of the House in January, oppose rescinding the payday loan rule.

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