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We're cracking down on predatory lending

As a former consumer protection attorney, I've seen how predatory lenders can trap families in a cycle of debt and leave them in financial ruin.

While serving in the Oregon legislature together, Jeff Merkley and I helped pass some of the nation's toughest laws against predatory lending. But online and offshore lenders are using loopholes to get around those laws and exploit vulnerable Americans.

Now I've teamed up with Senator Merkley and Rep. Elijah Cummings to go after predatory payday lenders.

Our bill protects consumers by cracking down on the worst abuses, including outrageous interest rates, APRs averaging nearly 400%, and malicious lenders who create bogus overdraft charges. And the bill includes specific measures to rein in online and offshore lenders who exploit loopholes and drain bank accounts.

Donald Trump's administration is rolling back regulations that curb predatory lending. That's why Congress must act to curb these predatory activities and protect consumers.

If Trump's not going to stand up for consumers and hard-working families, then we will.


Posted on April 9, 2018.