no pot of gold

As a former consumer protection attorney, I've seen how predatory lenders can trap families in a cycle of debt and leave them in financial ruin. One way they scam consumers is by offering deceptive promises of relief between paychecks.

While serving in the Oregon legislature together, Jeff Merkley and I helped pass some of the nation's toughest laws against predatory payday lending. But online and offshore lenders are now using loopholes to get around laws like those we passed in Oregon, and they’re targeting the most financially vulnerable Americans.

Now I've teamed up with Senator Merkley and Rep. Elijah Cummings to go after predatory payday lenders.

Our bill protects consumers by cracking down on the worst abuses, including:

• outrageous interest rates
• APRs averaging nearly 400%
• malicious lenders who create bogus overdraft charges
• online and offshore lenders who exploit loopholes to drain bank accounts

The Trump administration is rolling back regulations on predatory lending, so it’s critical that Congress act soon to curb these predatory activities and protect consumers.

Suzanne