13 Oct AG HERRING CONTINUES TO OPPOSE TRUMP MANAGEMENT ROLLBACK OF COMMONSENSE DEFENSES FOR PAY DAY LOAN BORROWERS
Coalition of attorneys opposes that are general to rescind CFPB guideline made to protect customers from dangerous financial obligation traps
RICHMOND (May 16, 2019) вЂ“ Attorney General Mark R. Herring today joined up with a coalition of 25 attorneys opposing that is general Trump management's efforts to get rid of guidelines protecting customers from abusive payday and car name loans. The states filed a comment that is official utilizing the customer Financial Protection Bureau (CFPB) opposing its proposed repeal of guidelines used in 2017 to safeguard customers from exorbitant interest levels as well as other predatory techniques that trap consumers in rounds of financial obligation, while preserving use of less-risky kinds of short-term credit. The letter contends that eliminating the 2017 defenses, that have been set to go into impact in August 2019, would harm customers, reduce states' capability to protect their residents from predatory financing, and it is inconsistent because of the CFPB's appropriate responsibilities to guard customers from unjust and abusive methods.