WASHINGTON, D.C. – The Stop the Debt Trap campaign will host a press teleconference on Wednesday, Oct. 5, at 11 a.m. EST/8 a.m. PST to discuss the overwhelming response from families urging the Consumer Financial Protection Bureau (CFPB) to strengthen its proposed rule on payday lending.
The campaign will release a book of personal stories describing the devastating experiences working families face dealing with payday lenders. Speakers on the call will also discuss the payday lending industry’s tactics to trap borrowers into a cycle of high-cost debt.
The last day to comment on the CFPB’s proposed rule is October 7. The draft was released in June. As written, the proposed rule doesn’t go far enough to protect consumers from abusive lending practices. In fact, the proposal may actually help payday lenders spread to states where they don’t operate today.
WHAT: Release of first-person stories describing harrowing experiences with payday lenders. We will also announce the number of comments submitted by people and families across the country.
WHO:
· Sen. Jeff Merkley of Oregon
· Gynnie Robnett, payday campaign director, Americans for Financial Reform
· Allyson Fredericksen, deputy director of research, People’s Action Institute
· Harold Carnes, a payday borrower who will tell his personal story
· Diane Standaert, director of state policy and executive vice president, Center for Responsible Lending
WHEN: Wednesday, October 5, at 11 a.m. EST/8 a.m. PST
CALL IN: 877‑876‑9176; Call title “payday lending”
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People’s Action Institute is a national research and policy organization working for economic, racial, gender and climate justice.