On McSally’s Watch, Trump Guts Payday Lending Protections
On Martha McSally’s Watch, Trump Administration Guts Payday Lending Consumer Protections
PHOENIX — On Senate Banking Committee member Martha McSally’s watch, the Trump Consumer Financial Protection Bureau (CFPB) this week announced plans to reverse a consumer protection rule that prevents payday lenders from exploiting Arizonans.
The Trump CFPB’s reversal of a rule shielding borrowers from predatory payday loans will leave “the 12 million Americans who use payday loans every year exposed to unaffordable payments at annual interest rates that average nearly 400%,” according to PEW Charitable Trusts’ consumer finance project.
“Martha McSally is staying silent as the Trump administration guts consumer protection rules that protect Arizonans from predatory payday lenders,” said Brad Bainum, Arizona Democratic Party spokesperson. “Arizonans deserve a Senator who will put them first in Washington — especially as they fight hard to get by during this pandemic and economic crisis.”
Read the coverage:
New York Times: Consumer Bureau Scraps Restrictions on Payday Loans