Bureau Works to Stop Payday Lending Industry Abuses
Charleston Gazette-Mail - The federal Consumer Financial Protection Bureau is working on creating stronger federal regulations to control consumer abuses by the payday lending industry. Read
The West Virginia Center on Budget and Policy is supporting the Bureau's efforts to protect consumers and control payday lenders nationally.
"Payday loans create a long-term cycle of debt and a host of other economic consequences for borrowers," Ted Boettner, executive director of the WVCBP, said. "Luckily, the Consumer Financial Protection Bureau has the potential to bring meaningful national reform to the abusive practices of these lenders."
West Virginia already has strong protections regulating payday lenders in the state.
"During his time as governor, Sen. Manchin, along with other West Virginia leaders, made sure that consumers in our state don't have to worry about getting trapped in the payday loan debt cycle," the WVCBP said in a recent news release. "But once they cross our borders or access the Internet, they are just as vulnerable as those living in states without strong protections.