Consumer protection bureau is moving to expose Mainers to predatory payday lenders

Under its new director, the agency charged with protecting Americans from financial deception is instead planning to serve them up to some of Wall Street’s worst actors.

The Payday Lending Rule is designed to shield consumers from the predatory machinations of payday lenders, who use deceptive practices to trap working people into expanding cycles of debt. But now, the Consumer Financial Protection Bureau has signaled plans to undermine its own mandate to protect Americans from this notoriously predatory industry.

Click here to read the full op-ed by MECEP Associate Director Jody Harris, first published on May 16, 2019, in the Bangor Daily News.