Via Electronic Submission
The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington, DC 20552
Re: Proposed rulemaking on payday, car name, and particular high-cost installment loans, Docket No.
Dear Director Cordray:
Many thanks for the opportunity to submit responses regarding the CFPBвЂ™s proposed rule on payday, vehicle name, and high-cost that is certain loans. On the behalf of companies located in the 14 states, in addition to the District of Columbia, where lending that is payday forbidden by state legislation, we compose to urge the CFPB to issue your final guideline that may bolster statesвЂ™ efforts to enforce their usury and other customer security legislation against payday lenders, loan companies, as well as other actors that seek which will make, gather, or facilitate illegal loans within our states.
Our jurisdictions, which represent significantly more than 90 million peopleвЂ”about one-third of this countryвЂ™s populationвЂ”have taken the stance, through our long-standing usury laws and regulations or even more current legislative and ballot reforms, that strong, enforceable price caps are sound general general public policy and also the simplest way to finish the pay day loan financial obligation trap. Continue reading →