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U.S. House to Vote on Bill That Would Eliminate Proposed Predatory Loan Protections

predatory loans
Source: splcenter.org

ALABAMA–(ENEWSPF)–June 6, 2017

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By:Sara Zampierin

The U.S. House of Representatives is expected to vote this week on a bill that would stop the Consumer Financial Protection Bureau’s (CFPB) years-long effort to rein in predatory lenders who profit by trapping the poor in an endless cycle of debt.

Last June, the CFPB proposed rules that would for the first time impose national standards on an industry that drains nearly $8 billion in fees…

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