Via Electronic Submission
The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington
Re: Proposed rulemaking on payday, automobile name, and particular high-cost installment loans, Docket No.
Dear Director Cordray:
We, the 131 signatories to the page, represent a cross-section that is diverse of officials, federal federal government, work, grassroots arranging, civil liberties, appropriate solutions, faith-based along with 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 one to issue a stronger payday lending rule that ends the loan debt trap that is payday. Once the CFPB prepares to issue a final guideline to deal with payday financing nationwide, we urge you not to ever undermine our state’s longstanding civil and criminal usury regulations. Certainly, we urge you to definitely issue a guideline that improves our current defenses.
Because the CFPB truly acknowledges, a summary of signatories of the magnitude and breadth just isn’t you need to take gently. This page reflects the positioning greater than 38 state and neighborhood elected officials, the NYC Department of customer Affairs, the Progressive Caucus of this NYC Council – also as 92 companies that represent a diverse 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 could additionally straight undermine our state’s longstanding ban on payday financing. Continue reading “New York comment letter to CFPB on proposed lending rule that is payday”