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Brand Brand New Federal Action on Payday Lending May Help Wisconsinites

MADISON – Advocates praised a rule with brand new customer defenses which will lessen the harms of short-term payday and lending that is car-title Wisconsinites, given yesterday by the federal customer Financial Protection Bureau (CFPB). For a press meeting call today, the teams welcomed the newest defenses as a significant action, while additionally contacting state and federal decision-makers to simply take extra action to cease the payday financial obligation trap.

“Payday and vehicle title loans drive borrowers into monetary stress by trapping them in long-lasting debt at triple-digit interest prices,” said Peter Skopec, WISPIRG Director. (more…)