Via Electronic Submission
The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington
Re: Proposed rulemaking on payday, automobile name, and specific high-cost installment loans, Docket No.
Dear Director Cordray:
We, the 131 signatories to the page, represent a diverse cross-section of elected officials, federal federal federal government, work, grassroots arranging, civil legal rights, appropriate solutions, faith-based along with other community companies, along with community development banking institutions. We respectfully request that the CFPB count this page as 131 responses.
Together, we urge you to definitely issue a solid payday lending rule that ends the loan debt trap that is payday. Once the CFPB makes to issue a rule that is final address payday financing nationwide, we urge you never to undermine our stateвЂ™s longstanding civil and criminal usury guidelines. Certainly, we urge one to issue a guideline that improves our current protections.
Because the CFPB certainly acknowledges, a summary of signatories with this breadth and magnitude just isn’t to be taken gently. This page reflects the positioning greater than 38 state and regional elected officials, the NYC Department of customer Affairs, the Progressive Caucus regarding the NYC Council вЂ“ also as 92 businesses that represent a spectrum that is broad of, views, and constituents. Our company is concerned that the CFPB is poised to issue a rule that is weak wouldn’t normally only set a decreased club for your country, but that would additionally directly undermine our stateвЂ™s longstanding ban on payday financing. Continue reading