Published: February 2018

SAFE Lending Act protects working families from cycle of debt

Coalition: Stop the Debt Trap

In an effort to end predatory lending practices, both online and offline, that are leaving many Americans trapped in a cycle of debt, Consumer Action and advocates support and encourage U.S. senators to co-sponsor the Stopping Abuse and Fraud in Electronic, or SAFE, Lending Act (S. 2760). Introduced by Sen. Jeff Merkley (D-OR), the bill aims to curb predatory lending practices and promote financial stability among working families.

Payday lenders, including rogue Internet-based lenders, routinely prey on hardworking Americans struggling to make ends meet by charging excessive interest rates that trap them in an endless cycle of debt. Senator Jeff Merkley and Reps. Suzanne Bonamici and Elijah Cummings introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act (S. 2760), aimed at cracking down on some of the worst abuses of the payday lending industry.

Lead Organization

American's for Financial Reform (AFR)

Other Organizations

Americans for Financial Reform | Center for Responsible Lending | Consumer Action | Consumer Federation of America | Consumers Union | Greenlining Institute | Interfaith Center on Corporate Responsibility | Main Street Alliance | NAACP | National Association of Consumer Advocates | National Consumer Law Center | National Consumers League | National Council of La Raza | National People's Action | National Rural Social Work Caucus | Public Citizen | Southern Poverty Law Center | Student Debt Crisis | UNITE HERE | USPIRG

More Information

Click here to read the coalition letter in full.

For more information, please visit AFR's website.

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