Vermont Business Magazine Vermont joined a coalition of seven other states, led by New York, in a letter urging the Consumer Financial Protection Bureau (“CFPB”) to adopt a strong national rule protecting consumers from the financial harms of payday, vehicle title, and other high-interest small dollar loans. In March 2015, the CFPB proposed a national rule that would require lenders to evaluate consumers’ ability to repay, among other requirements. Today’s letter responds to the CFPB’s proposed rule.
“Vermont has the strongest anti-predatory lending laws in the nation. We support a national rule that preserves Vermont’s and other states’ strict lending laws, while also providing new safeguards for consumers in states without existing protections,” said Attorney General Sorrell.
Since 2012, Vermont has been a leader in protecting consumers from predatory lending, including working with Google to stop advertising for payday lenders. For a complete list of Vermont’s lending laws and enforcement efforts, visit the Attorney General’s “Illegal Lending” webpage. For more on the CFPB’s proposed payday loan rule, visit the CFPB’s webpage.
Vermont AG: Oct 7, 2016