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The other day, Obama announced the customer Financial Protection Bureau’s proposals to split straight down on payday lending that benefits in “debt traps.”
Applauds President Obama’s push for federal reforms
SEATTLE — Attorney General Bob Ferguson today applauded President Obama’s recent push for a proposition to reform federal payday lending guidelines, while motivating state legislators to reject a bill that purports to complete the thing that is same.
A week ago, Obama announced the buyer Financial Protection Bureau’s proposals to split down on payday lending that benefits in “debt traps.” The proposals would need loan providers to complete more to validate a borrower’s capacity to spend or implement limitations to foster affordability, along with regulate collection methods.
“I’m happy to see a powerful push at the federal degree to reform a system that, in many cases, unfairly preys upon those who work in need,” Ferguson stated. “ right right Here in Washington, we encourage our legislators to destroy the proposition it purports to aid. before them given that, but well intentioned, will hurt the folks”
Washington’s existing payday lending system currently contains crucial safeguards for customers, like the choice for payments, which may be lost if the proposition — home Bill 1922 and Senate Bill 5899 — is used.
“In a period whenever our state therefore the country are experiencing record earnings inequality, we cannot realize why we might look for techniques to aggravate the battles of these attempting to make ends satisfy,” Sen.
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