Today the Consumer Financial Protection Bureau (CFPB) announced proposed rules to protect consumers from the debt-trap harm of payday and car title loans. Since Arizona voters voted to end payday lending in 2008 and the authorizing law sunset in 2010, why are federal rules for payday loans important to consumers in Arizona?
Arizona Consumers need a Strong CFPB Rule because Payday Lenders are still operating in Arizona as car title loans and are still trying to bring back predatory payday loans that trap working families in a spiral of debt. This industry is bad for Arizona families and our economy.
The rule will be finalized in approximately 90 days. In the meantime, consumers are encouraged to comment and suggest changes to the final rule that will close loopholes and remove exemptions. Comments can be offered at www.stoppaydaypredators.org.