jump to example.com

Kaine backs proposed CFPB effort to curb predatory lending practices

tim kaineAs the Consumer Financial Protection Bureau (CFPB) finalizes a new rule to address predatory practices in payday and similar types of consumer lending, U.S. Senator Tim Kaine expressed support for the agency’s efforts to protect consumers from the predatory lending practices associated with these high-priced loans.

“The issue of predatory lending is not new nor will it improve without strong action from the CFPB. Too many consumers are stuck in high-cost debt traps. I applaud the CFPB for taking action to end these harmful business practices,” Kaine wrote in a letter to CFPB Director Richard Cordray. “I remain encouraged by the CFPB’s focus on predatory payday lending and hope the final rule will be strong to protect consumers.”

Payday loans, which use the borrower’s next paycheck as collateral, often carry annualized interest rates in the triple digits. Such loans frequently trap borrowers in a predatory cycle of debt, with a 2014 CFPB study finding that eighty percent of payday loans are rolled over or renewed within two weeks.

Kaine has supported the Department of Defense’s (DOD) plan to update the Military Lending Act (MLA) and close existing loopholes to better protect servicemembers and their families from abusive financial practices. Last year, he urged the CFPB to issue strong rules to stop predatory lending practices. As Governor, Kaine implemented a state employee payday loan alternative program that allowed Commonwealth employees to borrow small amounts at interest rates a fraction of what payday lenders charge.

   
Discussion
 
Highlights

Skyline Drug Task Force touts new online tool to combat illicit drug sales

Law enforcement officials from across the region gathered in Waynesboro Thursday to talk up ReportADrugDealer.com, an online reporting tool being used to combat illicit drug sales.

Cliff Hyra: Libertarian reaches out to undecideds in Virginia governor race

Cliff Hyra, the Libertarian candidate for governor, was technically at Tuesday’s Virginia gubernatorial candidate debate.

And now: UVA football has expectations

The media had UVA seventh, and dead last, again, in the ACC Coastal., in the preseason That’s called having no expectations.

Game Preview: VMI, Chattanooga look to get back on track on Saturday

VMI knew the 2017 football season was going to be a rebuilding year. Chattanooga, coming off a playoff appearance in 2016, had its usual high expectations.

WWE No Mercy Preview: Thoughts on Cena-Reigns, Lesnar-Strowman

WWE loaded up the card for No Mercy, a September Raw brand pay-per-view with two WrestleMania main event-quality matches.

   
Recent Posts
   
Your One-Stop Media Shop
Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including web design, magazine/brochure, TV/radio, social media and overall marketing campaign design and implementation.
  • Web Design

    You want a new website, but don’t have the first clue as to how to build one. That’s our job. We take care of all facets of web design – visual design, layout design and content development. Get your business online for as little as $1,299.
    Learn more about AFP Web Design services.
  • Graphic Design

    The staff at Augusta Free Press Publishing has been recognized by the Virginia Press Association for excellence in layout and design. Whether you need a fresh business card design, rack card, ad, flyer or full magazine design, we can help with all your graphic-design needs.
    Learn more about AFP Graphic Design services.
  • Marketing

    Augusta Free Press manages advertising campaigns for small- and medium-sized businesses across Virginia. You don’t need to hire a full-time marketing coordinator. Bring the experience of the Augusta Free Press team to work for you – for a fraction of the cost.
    Learn more about AFP Marketing services.