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California Advocates Criticize Trump Management for Dismantling Protection for Cash Advance Borrowers

California Advocates Criticize Trump Management for Dismantling Protection for Cash Advance Borrowers

FEDERAL PROPOSAL MAY COST CALIFORNIANS BILLIONS IN FEES FOR UNAFFORDABLE LOANS

BAY AREA, might 15, 2019 – The California Reinvestment Coalition (CRC) presented a page towards the customer Financial Protection Bureau (CFPB) yesterday, sharply criticizing the Bureau’s Trump-appointed manager Kathy Kraninger, for delaying and/or eliminating an “ability to repay requirement that is in brand brand new federal rules for payday, automobile name, and high-cost installment loans. The necessity ended up being slated to enter impact in August 2019, however the CFPB is currently proposing to either cure it or wait execution until Nov 2020, and it is searching for public input on both proposals.

“After four many years of research, hearings and input that is public we thought borrowers would finally be protected through the ‘debt trap’ by this common-sense rule,” explains Paulina Gonzalez-Brito, executive manager of CRC.