Minutes ago, the Consumer Financial Protection Bureau announced a preview of potential new rules for the payday lending industry.
This is huge news for those of us in Missouri, where the average rate on a payday loan is 452% APR, and the legal maximum is a staggering 1,950%.
This hits home for me: as you may know, the payday debt trap cost my family $30,000 – and our house.
Today is also important to me as a CCO leader. We have been working on the issue of payday lending for years – in 2012, CCO helped lead a coalition of grassroots groups to collect 350,000 signatures to cap the rate on payday loans. Many of you stood with us in 100-degree heat to gather signatures.
In 2014, CCO leaders and our allies across the state rallied against the payday loan industry’s sham reform bill, successfully winning a veto from Gov. Nixon.
And today, after years of work, we are closer than ever to real reform.
Now the work begins – we need to make sure that predatory lenders do not force loopholes into otherwise good rules. And to do that, we need as many people as possible to join us in this effort: Click here to add your name to the thousands of people across the region who want to see strong rules for payday loan reform.
Thank you for everything you have done to get us this far. I look forward to the work ahead!