HOPE Applauds CFPB Rule to Stop Payday Loan Debt Traps for Struggling Families

JACKSKON, MS – HOPE Statement in response to the release of the Consumer Financial Protection Bureau Payday Loan Rule:

“With today’s payday lending rule, the Consumer Financial Protection Bureau has taken the bold and necessary action to safeguard the earnings of hard working individuals from the abuses of high-cost, small-dollar loans,” said HOPE CEO Bill Bynum. “The rule’s requirement to determine a borrower’s ability to repay will stop the debt trap and save consumers millions of dollars in predatory fees. For people living in the Deep South, the rule represents a major victory for consumers where state protections far too often fall well too short.”