Drive through any poor community and you'll see the PAY DAY LOAN VULTURES exploiting poor Americans....
We can stand up and speak out to regulate these LOAN SHARKS!
Please join with others and speak up!
Senator Elizabeth Warren’s brain-child, the Consumer Financial Protection Bureau (CFPB), is making a brave effort to protect the working poor from banks that prey upon them. The subject of the CFPB’s “rulemaking” is payday lending, the extension of short-term unsecured lines that provide advances on paychecks. Why? Because absurd fees and renewal terms can drive compound annual percentage rates for such loans above 3000%, trapping the working poor in indentured servitude.
Sort of like an arm down, and then a major organ each month for interest.
For the next couple of weeks, the CFPB is inviting public comment on what to do about these leech loans. I think that it’s time for you to weigh in. Please tell us what you think about Big Money’s exploitation of the working poor >>
Q. Does your opinion matter?
A. Surprisingly, yes.
I’ve seen several times when public comments made the difference. One was our “No Cuts” petition, against the “chained CPI” cut in Social Security benefits. We collected three million signatures, and the White House reversed course.
Another was the “Net Neutrality” petition, against allowing internet service providers to discriminate among and even charge content providers. I initially thought that the FCC was leaning in favor of the telecoms and cable companies against the public interest, but four million signatures changed that.
Here, it’s a bit easier – the CFPB wants to do the right thing. But it also knows that Big Money has launched relentless attacks against it, from Day One. Hearing from you not only tells the CFPB what it needs to hear, but it also demonstrates that:
We. Are. Watching. And we care.
Si se puede.
Courage,
Rep. Alan Grayson
Paid for by the Committee to Elect Alan Grayson
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