We call them financial obligation traps for a explanation: Payday financing has very long resulted in schemes that literally trap consumers in consecutive loans with obscenely high interest levels.

Started on staff: 2015B.A., University of Texas at Austin

Mike directs U.S. PIRG’s national campaign to protect customers on Wall Street as well as in the economic market by protecting the buyer Financial Protection Bureau. Mike additionally works for more powerful privacy protections and accountability that is corporate the wake associated with the Equifax information breach—which has received him widespread nationwide news protection in many different outlets. Mike everyday lives in Washington, D.C.

Payday financing has very very long resulted in schemes that literally trap consumers in consecutive loans with obscenely interest that is high.

We call them financial obligation traps for the explanation.

These tricks advertised to economically susceptible individuals are precisely why the customer Financial Protection Bureau (CFPB), under previous Director Richard Cordray, created the Payday Lending Rule, that was finalized in October 2017.