CFPB director urged to resign over new rule exposing consumers to predatory 'debt traps'
‘debt traps’ in middle of pandemic
Published 13 mins ago on July 7, 2020
By Jake Johnson, Common Dreams
“Kraninger just stamped an official seal of approval on one of the worst practices of payday lenders.”
Consumer Financial Protection Bureau director Kathy Kraninger is facing calls to resign after her agency finalized a rule Tuesday that critics say will further expose vulnerable people to “debt traps” set by payday and car-title lenders.
Kraninger, who was nominated by President Donald Trump and confirmed by the Senate in 2018, “just stamped an official seal of approval on one of the worst practices of payday lenders—and now there’s nothing stopping the industry from ruining families with 400% interest rates in the middle of a recession,” said Jeremy Funk, spokesperson for consumer watchdog group Allied Progress.
A truly shameful thing that right in the middle of the economic distress from this pandemic, the current CFPB leadership would choose to roll back the heart of the payday lending reform rule.”
—Richard Cordray, former CFPB director
https://www.rawstory.com/2020/07/cfpb-director-urged-to-resign-over-new-rule-exposing-consumers-to-predatory-debt-traps-in-middle-of-pandemic/
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