The new press release by the Center for Responsible Lending ignores the facts and rattles on about rollovers and back-to-back transactions.  Ironically, the federal bills supported by CRL do not offer any consumer protections, they simply ban the product.  If CRL’s issue is with loan rollovers, they should support consumer protections that would help consumers avoid rollovers and back-to-back transactions. With protections such as an extended payment plan, customers would not have a need to rollover a loan or enter into a back-to-back transaction.

But, unfortunately for consumers, CRL doesn’t want consumer protections.  They just want to ban payday lending.  As they’ve admitted, “driving the practice of payday lending out of the state—not simply reining in interest rates” is CRL’s goal.