WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the Consumer Financial Protection Bureau (CFPB) announced, on the same day that the CFPB’s new payday lending rules officially go on the books, that the bureau plans to rewrite the rules and will give waivers for lenders that want to ignore the rules and continue issuing predatory loans.<\/p>\n
The CFPB’s abrupt reversal on the issue comes shortly after OMB Director Mick Mulvaney was installed by President Trump as Acting Director. As a Congressman, Mulvaney called the CFPB a “sick, sad joke,” and routinely allied with payday lenders against consumer protections.<\/p>\n
\n“Even for an administration that has spent the last twelve months consistently favoring the privileged and powerful over working Americans, this is a new low. Payday lenders prey on cash-strapped families during their toughest times, often issuing loans with annual interest rates as high as 500% and sucking families into an inescapable vortex of debt.<\/p>\n
\u201cLa propia investigaci\u00f3n del CFPB que condujo a estas reglas concluy\u00f3 que estos pr\u00e9stamos predatorios son 'trampas de deuda'; que cuatro de cada cinco pr\u00e9stamos de d\u00eda de pago se renuevan o renuevan porque el beneficiario no puede pagar el pr\u00e9stamo; y que la mayor\u00eda de los pr\u00e9stamos se conceden a prestatarios que tienen que renovar tantas veces que sus comisiones acaban superando el importe original del pr\u00e9stamo.<\/p>\n
“Today’s rules had one simple premise: that lenders should not issue loans they know their borrowers cannot repay. There is no reason to defend payday lenders’ ability to issue loans that are, by definition, unaffordable, unless your goal is to prop up a predatory industry at the expense of consumers. This payday predator protection plan is a huge mistake and the clearest indication yet of the danger that Mick Mulvaney poses to consumers while he runs the CFPB.”<\/p>\n<\/blockquote>\n
Merkley ha sido un firme defensor de poner fin a los pr\u00e9stamos abusivos desde su \u00e9poca en la legislatura de Oreg\u00f3n. Como presidente de la C\u00e1mara de Representantes de Oreg\u00f3n, lider\u00f3 la exitosa lucha para limitar los intereses y tarifas exorbitantes de los pr\u00e9stamos de d\u00eda de pago en Oreg\u00f3n. En el Senado, redact\u00f3 disposiciones de la ley de reforma de Wall Street para poner fin a los pr\u00e9stamos hipotecarios predatorios y ha sido un l\u00edder en la lucha para poner fin al comportamiento predatorio en los pr\u00e9stamos en l\u00ednea<\/a> y para instituir un l\u00edmite nacional<\/a> sobre intereses y comisiones de pr\u00e9stamos de d\u00eda de pago.<\/p>","protected":false},"excerpt":{"rendered":"
WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the Consumer Financial Protection Bureau (CFPB) announced, on the same day that the CFPB’s new payday lending rules officially go on the books, that the bureau plans to rewrite the rules and will give waivers for lenders that want to ignore the rules […]<\/p>\n","protected":false},"author":2,"featured_media":0,"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-4692","post","type-post","status-publish","format-standard","hentry","category-press-releases","tag-protecting-consumers-taxpayers-and-the-economy"],"acf":[],"yoast_head":"\n
Merkley Slams Trump Administration\u2019s Payday Predator Protection Plan - Merkley<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.merkley.senate.gov\/es\/merkley-slams-trump-administrations-payday-predator-protection-plan\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merkley Slams Trump Administration\u2019s Payday Predator Protection Plan - Merkley\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the Consumer Financial Protection Bureau (CFPB) announced, on the same day that the CFPB’s new payday lending rules officially go on the books, that the bureau plans to rewrite the rules and will give waivers for lenders that want to ignore the rules […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.merkley.senate.gov\/es\/merkley-slams-trump-administrations-payday-predator-protection-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Merkley\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-16T23:03:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-24T15:08:28+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-slams-trump-administrations-payday-predator-protection-plan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-slams-trump-administrations-payday-predator-protection-plan\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Merkley Slams Trump Administration\u2019s Payday Predator Protection Plan\",\"datePublished\":\"2018-01-16T23:03:00+00:00\",\"dateModified\":\"2023-07-24T15:08:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-slams-trump-administrations-payday-predator-protection-plan\/\"},\"wordCount\":413,\"keywords\":[\"Protecting Consumers, Taxpayers, and the Economy\"],\"articleSection\":[\"Press Releases\"],\"inLanguage\":\"es-MX\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.merkley.senate.gov\/merkley-slams-trump-administrations-payday-predator-protection-plan\/\",\"url\":\"https:\/\/www.merkley.senate.gov\/merkley-slams-trump-administrations-payday-predator-protection-plan\/\",\"name\":\"Merkley Slams Trump Administration\u2019s Payday Predator Protection Plan - 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