Opinion: Time to End Payday Loan Industry’s Escape Act

For more than 12 million American men and women who are lured into the payday loan debt trap each year, escape from a crushing debt cycle can feel impossible. Meanwhile, the payday loan industry has made itself rich by becoming a virtual Houdini – escaping regulations and lavishing money on lawmakers to get its way. It’s time we implemented rules broad enough to stop the payday industry’s tricks and evasion and bold enough to free vulnerable consumers from the debt trap.

That’s why, as the Consumer Financial Protection Bureau (CFPB) considers how best to address rampant and longstanding issues with the payday lending industry, a new push from the Obama administration and the Department of Defense (DoD) to crack down on predatory lending to military service members is a vital step in the right direction.

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