Waters Praises Consumer Bureau for Final Payday Rule

WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement on the Consumer Financial Protection Bureau’s final rule on payday, vehicle title, and certain high-cost installment loans:

“I applaud the Consumer Bureau and its Director, Richard Cordray, for taking this important step to finally rein in payday lenders. When the rule takes effect, these lenders will have to ensure that consumers can actually afford to pay off their payday loans. Importantly, the rule allows for consumers who need access to short term loans to use non-predatory products, like those offered by community banks and credit unions. American families should be able to keep their hard-earned paychecks, and not lose them to debt traps.”

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