Dear Director Cordray:
Our families cannot wait any longer for strong rules that will rein in abuses of the predatory small dollar lending industry. Since you first began the pre-rule period, the payday and car title industries alone have stripped nearly $7 billion dollars from our communities. Every day that goes by without a strong rule means more families sucked into the debt trap and more dollars stolen from our local economies.
We need a proposed rule that includes an ability to repay for every loan, a limit to the number of days in debt for every loan and strong limits on access to coercive repayment methods like account access and car titles. And we need that rule now.