WASHINGTON, DC [9\/20\/24] \u2013 Congresswomen Suzanne Bonamici (D-OR), Pramila Jayapal (D-WA), and Senator Jeff Merkley (D-OR) introduced legislation to protect consumers from predatory payday lending practices.<\/p>\n\n\n\n
The Stopping Abuse and Fraud in Electronic (SAFE) Lending Act of 2024 <\/em>would safeguard consumers as predatory payday lenders have continued to flourish online despite laws passed by many states to stop abusive lending. Internet lenders hide behind layers of anonymously registered websites and \u201clead generators\u201d to evade enforcement and can empty consumers\u2019 bank accounts before they have a chance to assert their rights.<\/p>\n\n\n\n \u201cPredatory payday lenders rob hard-working individuals and families of their resources at a time when they are financially vulnerable,\u201d said Congresswoman Suzanne Bonamici. <\/strong>\u201cThe SAFE Lending Act<\/em> would finally put an end to the unscrupulous practices payday lenders use to trap consumers in an unending cycle of debt.\u201d<\/p>\n<\/blockquote>\n\n\n\n \u201cPredatory payday lenders trap hardworking Americans in an inescapable vortex of debt,\u201d said Senator Jeff Merkley.<\/strong> \u201cBefore we kicked payday lenders out of Oregon, they preyed on families in my blue-collar neighborhood. We need strong consumer protections to break this cycle of endless debt for families across America.\u201d<\/p>\n<\/blockquote>\n\n\n\n \u201cPayday lenders take advantage of working families, struggling to pay medical bills or rent, by trapping them in a seemingly endless cycle of debt,\u201d said Congresswoman Pramila\u00a0Jayapal.<\/strong> \u201cI\u2019m proud to lead this legislation with Congresswoman Bonamici that would protect consumers across the country by closing loopholes, increasing transparency, and putting an end to these predatory lending practices. Congress has a responsibility to protect hardworking people from bad actors, and that\u2019s exactly what we will accomplish with our SAFE Lending Act<\/em>.\u201d<\/p>\n<\/blockquote>\n\n\n\n The SAFE Lending Act<\/em> is endorsed by the National Consumer Law Center (on behalf of its low-income clients), Consumer Action, Consumer Federation of America, Main Street Alliance, U.S. PIRG, and UnidosUS. It would:<\/p>\n\n\n\n 1. Give Consumers Control of Their Own Bank Accounts<\/p>\n\n\n\n <\/p>\n\n\n\n 2. Allow Consumers to Regain Control of their Money and Increase Transparency<\/p>\n\n\n\n <\/p>\n\n\n\n 3. Ban Lead Generators and Anonymous Payday Lending<\/p>\n\n\n\n <\/p>\n\n\n\n The bill also requires the Government Accountability Office to conduct a study on access to capital on Tribal lands and directs the Consumer Financial Protection Bureau to promulgate rules to implement this legislation. <\/p>\n\n\n\n A one-page summary of the SAFE Lending Act <\/em>can be found here<\/a>. The full text of the legislation can be found here<\/a>.<\/p>\n\n\n\n In the House, the legislation is cosponsored by Representatives Susan Wild (D-PA) and Katie Porter (D-CA).<\/p>\n\n\n\n In the Senate, the legislation is cosponsored by Senators Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Chris Van Hollen (D-MD), Bernie Sanders (I-VT), Dick Durbin (D-IL), Edward J. Markey (D-MA), Martin Heinrich (D-NM), and Tina Smith (D-MN).<\/p>\n\n\n\n ###<\/p>\n","protected":false},"excerpt":{"rendered":" WASHINGTON, DC [9\/20\/24] \u2013 Congresswomen Suzanne Bonamici (D-OR), Pramila Jayapal (D-WA), and Senator Jeff Merkley (D-OR) introduced legislation to protect consumers from predatory payday lending practices. The Stopping Abuse and Fraud in Electronic (SAFE) Lending Act of 2024 would safeguard consumers as predatory payday lenders have continued to flourish online despite laws passed by many […]<\/p>\n","protected":false},"author":16,"featured_media":17054,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[47],"class_list":["post-20539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases","tag-protecting-consumers-taxpayers-and-the-economy"],"acf":[],"yoast_head":"\n\n
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