May 15, 2019
to urge the Consumer Financial Protection Bureau (CFPB) not to repeal the heart of the payday and car title loan rule.
Georgia voters across the state overwhelmingly support reform of the predatory lending industry. According to a recent survey, 83% of Georgians think there should be a cap on interest rates lenders can charge for car title loans. In the same poll, 73% of Georgians said lenders should be required to assess a borrower’s ability to repay before making the loan.
The federal loan rule, issued by the CFPB in October 2017, is scheduled to go into effect in August of this year. The rule stems from over five years of careful research conducted by the CFPB, which recognized the devastating impact of the predatory lending industry on millions of Americans. It adopts protections that responsible lenders already follow. According to the rule, lenders that make loans of 45 days or less must make a reasonable determination that borrowers can afford to repay the loan while meeting other expenses.