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Ny remark page to CFPB on proposed payday lending guideline

Ny remark page to CFPB on proposed payday lending guideline

Via Electronic Submission

The Honorable Richard CordrayConsumer Financial Protection Bureau1700 G Street NWWashington

Re: Proposed rulemaking on payday, automobile name, and particular high-cost installment loans, Docket No.

Dear Director Cordray:

We, the 131 signatories to the page, represent a cross-section that is diverse of officials, federal federal government, work, grassroots arranging, civil liberties, appropriate solutions, faith-based as well as other community companies, in addition to community development finance institutions. We respectfully request that the CFPB count this page as 131 commentary.

Together, we urge you to definitely issue a stronger payday lending rule that ends the cash advance debt trap. Because the CFPB makes to issue a rule that is final deal with payday financing nationwide, we urge you to not undermine our state’s longstanding civil and criminal usury laws and regulations. Indeed, we urge one to issue a rule that improves our protections that are existing.

Once the CFPB certainly acknowledges, a summary of signatories of the magnitude and breadth isn’t you need to take gently. This page reflects the positioning in excess of 38 state and regional elected officials, the NYC Department of customer Affairs, the Progressive Caucus associated with the NYC Council – also as 92 businesses that represent a spectrum that is broad of, views, and constituents. We have been worried that the CFPB is poised to issue a weak guideline that wouldn’t normally only set a decreased club for your nation, but that will also straight undermine our state’s longstanding ban on payday financing.

As New Yorkers, we think we now have a specially relevant viewpoint to share. A lot more than 90 million Americans – nearly a 3rd regarding the country – real time in states like nyc where lending that is payday unlawful.