WASHINGTON, D.C. – Today, Sen. Cory Booker (D-NJ), joined up with Oregon’s Sen. Jeff Merkley and Sens . Tom Udall (D-NM), Bernie Sanders (I-VT), Patty Murray (D-WA), Dick Durbin (D-IL), Richard Blumenthal (D-CT), Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Edward J. Markey (D-MA), and Ron Wyden (D-OR), to introduce the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would split straight down on a number of the worst abuses associated with the payday financing industry, especially in online payday lending, and protect customers from misleading and predatory methods that strip wide range from working families.
In the past few years, numerous states have actually set up tough rules to end abusive financing. Nonetheless, payday financing stays a challenge online, with web sites operating both in the U.S. and overseas, subverting current consumer laws and regulations. Web loan providers hide behind levels of anonymously registered sites and generators that are“lead to evade enforcement. Even if the financing violates what the law states, abusive payday loan providers can empty customers’ banking account before they usually have to be able to assert their liberties.
