WASHINGTON— Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN) released the following statement today after the Consumer Financial Protection Bureau (CFPB) announced that it would move forward with a rule to protect Americans from predatory ‘payday’ lending practices.

“We are pleased the CFPB is acting swiftly on a rule to protect working Americans from unfair payday lending practices. Fraudulent payday loans threaten the economic well-being of many Americans, especially those from low-income communities of color, by trapping them in a cycle of debt. The Congressional Progressive Caucus led a letter along with the Congressional Black Caucus, Congressional Hispanic Caucus, and Congressional Asian Pacific American Caucus to the CFPB recommending it take bold action to improve the small dollar loan market.

“We applaud the CFPB and President Obama for acting on our concerns and moving forward to protect Americans. We urge them to issue a rule that leaves no room for unscrupulous lenders to continue their harmful conduct.”

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