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Los Angeles County Takes Stay Against Predatory Payday Lending Methods

Los Angeles County Takes Stay Against Predatory Payday Lending Methods

Placing touch that is finishing Pit of Despair- compliment of People in the us for Financial Reform for sharing it!

On Thursday, September 8th, the Chair for the LA County Board of Supervisors, Hilda L. Solis, hosted a press seminar with Los Angeles community leaders where she chatted concerning the economic harms caused by predatory payday, vehicle name, and high-cost installment loans.

Los Angeles County Movement

During the press seminar, Supervisor Solis announced The la County movement to get the buyer Financial Protection Bureau (CFPB) applying strong federal rules to better protect consumers from harmful lending techniques by payday, vehicle name, and cost that is high loan providers. The movement ended up being authorized unanimously the next week, making l . a . County the biggest county in Ca (plus the US) to pass through a motion supporting strong rules by the CFPB to better protect consumers from predatory lending.

Supervisor Solis explained: “This movement is a vital method for the l . a . County Board of Supervisors to show that people think protecting families and their pocketbooks is great public policy and that we strongly offer the CFPB finalizing a guideline that may focus on borrowers over ill-gotten earnings.”