Submit comments to the Consumer Finance Protection Bureau on proposed rule designed to ban abusive lending practices

Payday lending neon signs 6-2-2016

The Maine Center for Economic Policy (MECEP) urges Maine individuals and organizations to submit comments to the Consumer Financial Protection Bureau (CFPB) about its proposed rule designed to ban abusive lending practices that saddle consumers in Maine and nationwide with crushing debt. The Center for Responsible Lending has prepared a guide with more information on what to look for in the proposed rule (click here).

“The proposed rule on payday and car title lending is a good beginning, but there is still much work to be done to ensure this rule truly protects consumers from the legalized loan sharks who prey on our communities,” MECEP Associate Director Jody Harris said in a June 2, 2016 statement.  “Fortunately, this is just the opening offer. MECEP will work with our state and national partners to shut the predatory lending debt trap once and for all.”

To submit comments to CFPB on the proposed rule, click here.