Payday lenders claim their industry helps people in financial straits, which is far from the truth. They charge exorbitant interest rates (390% is the national average), transaction fees, and catch people in a vicious cycle of debt that is damn near impossible to break.

The Consumer Financial Protection Bureau (CFPB), the brainchild of Elizabeth Warren, is working hard to implement financial regulation on predatory payday lenders to eliminate the most egregious practices that keep people indebted to lenders.

This would be a huge financial victory for low-income workers and communities hardest hit by these practices.

But some Democrats are siding with payday lenders. DNC chair Rep. Debbie Wasserman-Schultz is co-sponsoring a bill to restrict the CFPB from enacting rules, BEFORE they have been issued.

The CFPB has been the target of Republican ire since its inception—and now corporate Democrats are jumping on the bandwagon.

Sign the petition demanding Democrats stand with the CFPB to implement rules to rein in predatory payday lenders.

Photo: Taber Andrew Bain/Creative Commons