Wisconsin Businesses Touch Upon CFPB Cash Advance Rule

Wisconsin Businesses Touch Upon CFPB Cash Advance Rule

The undersigned businesses thank you for the leadership of this customer Financial Protection Bureau, and also for the tremendous actions that the agency has brought to guard the liberties and interests associated with populations we provide.

We respectfully urge the CFPB to issue a stronger lending that is payday that will protect Wisconsin borrowers in addition to customers around the world from predatory lenders. It is time to stop the debt trap that is payday.

You may already know, payday advances are made to trap low-income borrowers in a spiral of perpetual and debt that is growing. Predatory lenders empty vast amounts from our state’s economy through charges and astronomical interest levels, especially in currently struggling communities. These loans may also increase the chances of extra monetary injury to borrowers, from increased overdraft charges to delinquency on other bills, bank-account closures, as well as bankruptcy. Continue reading “Wisconsin Businesses Touch Upon CFPB Cash Advance Rule”