Applauds President ObamaвЂ™s push for federal reforms
SEATTLE вЂ” Attorney General Bob Ferguson today applauded President ObamaвЂ™s recent push for a proposition to reform federal payday lending guidelines https://installmentloansgroup.com/installment-loans-ct/, while motivating state legislators to reject a bill that purports to complete the thing that is same.
A week ago, Obama announced the buyer Financial Protection BureauвЂ™s proposals to split down on payday lending that benefits in вЂњdebt traps.вЂќ The proposals would need loan providers to complete more to validate a borrowerвЂ™s capacity to spend or implement limitations to foster affordability, along with regulate collection methods.
вЂњIвЂ™m happy to see a powerful push at the federal degree to reform a system that, in many cases, unfairly preys upon those who work in need,вЂќ Ferguson stated. вЂњ right right Here in Washington, we encourage our legislators to destroy the proposition it purports to aid. before them given that, but well intentioned, will hurt the folksвЂќ