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Stopping Payday Predators
Advocates Speak Out on Supreme Court Ruling
In a rare form of bipartisan agreement, a group of 25 Attorneys General (AGs) sent a letter today to Congressional leadership urging it to “use the Congressional Review Act (CRA) to rescind the Office of the Comptroller of the Currency’s (OCC’s) “True Lender” rule in order to “safeguard states’ fundamental sovereign rights to protect their citizens from financial abuse.”
This week, Supreme Court ruled in favor of AMG Services, Inc. and Scott Tucker who stole more than $1.3 billion from consumers through a deceptive payday lending scheme. By misrepresenting loan terms, the defendant caused borrowers to pay more than seven times the interest they were told they would pay.
The U.S. Public Interest Research Group (PIRG) joined Public Citizen in calling on Congress to take immediate action to empower the Federal Trade Commission (FTC) to protect consumers from payday loan scams. The move comes in the wake of a Supreme Court decision in favor of payday predators. That decision was blasted by the current acting Chair of the FTC.