Senators Press CFPB To Curb Payday Lending Abuses

Law360, New York (March 13, 2012, 1:36 PM EDT) -- Sens. Jeff Merkley, D-Ore., and Daniel Akaka, D-Hawaii, urged the Consumer Financial Protection Bureau on Monday to crack down on abusive payday lending practices, while Merkley vowed to introduce a bill to rein in predatory small-dollar lending by banks.

Merkley and Akaka called on CFPB Director Richard Cordray to protect consumers from payday loans, which they said have annual interest rates that reach 400 percent or more and which often trap borrowers in long-term debt.

"The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010...
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