A factsheet summarizing the CFPB’s 2017 payday credit tip exists at:
The multistate coalition is directed by area of Columbia lawyer General Karl A. Racine and nj-new jersey lawyer General Gurbir Grewal, and contains the states of California , Colorado, Connecticut Delaware, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan , Minnesota, Nevada , brand new Mexico , nyc, new york, Oregon , Pennsylvania, Rhode isle, Vermont, Virginia , Washington, and Wisconsin .
The remark letter is part of a broader OAG efforts to guard section people from predatory credit. In January, AG Racine directed a coalition of 14 says urging the Federal Deposit insurance policies agency (FDIC) to guard consumers from abusive lending practices as part of recommended direction for finance companies promoting short-term, small-dollar financing. In late 2018, he also led a 15-state coalition in a friend-of-the-court short recorded in an incident which payday loan providers experimented with avoid condition regulations by contracting with Native United states people to supply loans.
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