usury Archive

Support the Consumer Financial Protection Bureau's action against predatory payday lenders

The predatory payday lending industry — “‘legalized loan sharks collect 75 percent of their fees from people stuck in more than 10 loans a year by charging 300 percent APR” — is lobbying hard to kill the proposed Consumer Financial Protection Bureau’s proposed “debt trap” rule, “that would require lenders to determine whether borrowers can afford to pay back their loans and cut off …