Ny remark letter to CFPB on proposed lending rule that is payday

Ny remark letter to CFPB on proposed lending rule that is payday

Via Electronic Submission

The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington

Re: Proposed rulemaking on payday, car name, and specific high-cost installment loans, Docket No.

Dear Director Cordray:

We, the 131 signatories for this page, represent a diverse cross-section of elected officials, government, work, grassroots arranging, civil legal rights, appropriate solutions, faith-based as well as other community businesses, in addition to community development finance institutions. We respectfully request that the CFPB count this page as 131 feedback.

Together, we urge you to definitely issue a powerful payday lending rule that ends the loan debt trap that is payday. While the CFPB makes to issue a rule that is final deal with payday financing nationwide, we urge you never to undermine our state’s longstanding civil and criminal usury regulations. Certainly, we urge one to issue a guideline that enhances our current defenses.

Given that CFPB truly acknowledges, a summary of signatories for this breadth and magnitude just isn’t you need to take gently. This page reflects the positioning in excess of 38 state and neighborhood elected officials, the NYC Department of customer Affairs, the Progressive Caucus for the NYC Council – also as 92 companies that represent an extensive spectral range of communities, views, and constituents. Our company is worried that the CFPB is poised to issue a poor guideline that wouldn’t normally only set a decreased club for your nation, but that will additionally directly undermine our state’s longstanding ban on payday financing.

As New Yorkers, we think we now have a perspective that is especially relevant share. A lot more than 90 million Americans – nearly a 3rd associated with the country – real time in states like ny where lending that is payday illegal. […]

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