The Consumer Financial Protection Bureau (CFPB) recently released proposed rules that aim to curb some of the most abusive predatory lending practices. They are currently accepting comments on these rules.
We are hoping to share stories from Illinois borrowers that will highlight the real need for strong rules that will protect borrowers from a vicious cycle of debt. This is our opportunity to stop the wealth stripping caused by these lenders â€“ but we need your help!
We need real stories from Illinois borrowers that will help us advocate for stronger consumer protections.
We are looking for the following stories:
- A borrower who had their bank account swept by a payday or title lender.
Some payday and auto title lenders directly access a borrower’s bank account in order to repay the loan. We are looking for individuals who have had money taken directly from their accounts, especially if the withdrawal caused their account to be overdrawn, and the individual incurred overdraft fees.
- A borrower who took out a payday or title loan while unemployed or while having another outstanding payday loan.
Some payday and auto title lenders do not consider a borrower ability to repay the loan during the application process. We’d like to hear from individuals who have taken out a payday or auto title loan while they were unemployed or while they had a considerable debt burden. We would like to hear about how these instances impacted the individual’s financial stability.
How to Share Your Story
If you or someone you work with is willing to share their story, you can share it by:
- Submitting your story online; or
- Contacting Jody Blaylock at firstname.lastname@example.org or 312.870.4932. Jody can provide help documenting the story.
Please reach out to us with stories by Wednesday, September 14, so that we can include them in our advocacy on the CFPB proposed rule.
Take Action on the CFPB Rule: It only takes 30 seconds!
Submit an online letter to the CFPB telling them why we need a strong payday and auto title lending rule. It’s quick and easy!