NCLC's Lauren Saunders on payday lenders' vow to continue battling the CFPB rule: "It's a sign of how fundamentally predatory your business model is, that after they've made unaffordable loans and put people into a debt trap, they can't even comply with a rule that merely prevents them from continuing to hit people's accounts."

1.0CLP Bloghttps://clpblog.citizen.orgJeff SovernNCLC's Lauren Saunders on payday lenders' vow to continue battling the CFPB rule: "It's a sign of how fundamentally predatory your business model is, that after they've made unaffordable loans and put people into a debt trap, they can't even comply with a rule that merely prevents them from continuing to hit people's accounts." - CLP Blogrich600338<blockquote class="wp-embedded-content" data-secret="2hDxiQDzKb"><a href="https://clpblog.citizen.org/nclcs-lauren-saunders-on-payday-lenders-vow-to-continue-battling-the-cfpb-rule-its-a-sign-of-how-fundamentally-predatory-your-business-model-is-that-after-theyve-made-unaffordable-loans-an/">NCLC’s Lauren Saunders on payday lenders’ vow to continue battling the CFPB rule: “It’s a sign of how fundamentally predatory your business model is, that after they’ve made unaffordable loans and put people into a debt trap, they can’t even comply with a rule that merely prevents them from continuing to hit people’s accounts.”</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://clpblog.citizen.org/nclcs-lauren-saunders-on-payday-lenders-vow-to-continue-battling-the-cfpb-rule-its-a-sign-of-how-fundamentally-predatory-your-business-model-is-that-after-theyve-made-unaffordable-loans-an/embed/#?secret=2hDxiQDzKb" width="600" height="338" title="“NCLC’s Lauren Saunders on payday lenders’ vow to continue battling the CFPB rule: “It’s a sign of how fundamentally predatory your business model is, that after they’ve made unaffordable loans and put people into a debt trap, they can’t even comply with a rule that merely prevents them from continuing to hit people’s accounts.”” — CLP Blog" data-secret="2hDxiQDzKb" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /* <![CDATA[ */ /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); /* ]]> */ </script> That quote appears in an article by Polo Rocha in the American Banker headlined After loss at Supreme Court, payday lenders vow to keep fighting CFPB (behind paywall but available on Lexis). As the article explains “The CFPB rule, which has never taken effect, would prohibit payday lenders from making another attempt after a payment fails [...]