LOS ANGELES, March 20, 2012 /PRNewswire/ -- Following a recent press release by Sen. Jeff Merkley, D-Ore., Loans.org is releasing an analysis of the payday loan legislation the senator plans to introduce. In his announcement, Merkley revealed how Oregon's citizens are preyed upon by payday lenders, and how he hopes to soon pitch legislation to Congress that will restrict the industry nationwide.
"Millions of Americans are affected by the abusive and deceptive payday lending practices across our country and over the Internet," said Sen. Merkley in a press release. "While Oregon is lucky to have state legislation to stop the worse [sic] practices, there are still loopholes and offshore websites that are dragging Oregon families into black holes of debt. We have to bring order to the Wild West of the lending market."
In an attempt to gain support for his legislation against payday loans and lenders, the senator wrote a letter to Richard Cordray, the newly appointed director of the Consumer Financial Protection Bureau (CFPB).
If the legislation Merkley hopes to bring to Congress is passed, it should close existing loopholes in short-term financing laws, increase the amount of disclosures lenders are required to give borrowers and establish further oversight of new payday-like loans offered by banks and credit unions.
In the meantime, the senator urges the CFPB to "act quickly" and "establish strong national rules to stop unfair, deceptive and abusive practices."
While the senator has announced what he hopes his proposed legislation will cover, it has still yet to be introduced to Congress.
To learn about Sen. Merkley's upcoming legislation and other borrowing issues, you can go to http://loans.org/payday to find a frequently updated library of financing information. Additionally, prospective loan applicants can access a free-to-use quote-comparison generator that is designed to help consumers receive the lowest interest rates possible.
To access the full article on Sen. Merkley's legislation, readers can follow the "Articles" link at the top of any page on the site.
SOURCE Loans.org, LLC