Pew Raises Concerns About CFPB Proposal to Rescind Payday Loan Rule

Letter offers data-driven defense of 2017 consumer protections

Pew Raises Concerns About CFPB Proposal to Rescind Payday Loan Rule

The Pew Charitable Trusts on May 15, 2019, filed a comment letter with the Consumer Financial Protection Bureau in response to the bureau’s notice of proposed rulemaking to rescind the core consumer protections of its final 2017 payday loan rule. Pew’s consumer finance team cited its extensive research and analysis of the payday lending marketplace and urged the bureau to withdraw its plan to eliminate the rule’s critical affordability safeguards

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