Dear Editor: Many thanks to Dave Zweifel for continuing to highlight Washington’s disappointing efforts to roll back critical consumer protections (“Kudos to Josh Kaul for fighting Trump's attacks on consumer protection,” Oct. 2). As Mr. Zweifel notes, the U.S. Consumer Bureau (or CFPB) was created to stand up for consumers when they’re ripped off by predatory lenders, debt collectors or financial institutions big and small. But under its new leadership, the Bureau is doing anything but its job.
Kudos indeed to Attorney General Kaul for taking a stand against CFPB Director Kraninger’s plans to expose consumers to predatory debt collection practices last month. We share his concerns. The AG also deserves credit for opposing the Bureau’s roll-back of protections for payday loan borrowers earlier this year. With a jaw-dropping average annual interest rate of 486% in Wisconsin, payday loans trap consumers who can least afford it in a spiral of debt.
The last thing we ought to be doing is making things easier for payday lenders or predatory collectors who harass the millions of Americans who find themselves in debt. Wisconsinites should urge their members of Congress to oppose these efforts by the CFPB, too.
Thanks to Mr. Zweifel and the Cap Times for helping the public keep up with this story.
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