Beating Back the Shark Attack!


For decades, payday lenders
have been bleeding our communities dry. These legal loan sharks target
the most disadvantaged among us – single mothers, people of color and the
elderly – with promises of fast cash. Then, they trap them into
triple-digit interest rates and a never-ending cycle of debt. Payday lenders drain an
estimated 24 million dollars out of our communities every single day. That adds up to over 8.7 billion dollars a year! But …we’ve built a strong movement dedicated to fighting back
against this destructive industry. We’ve organized, built power, and led hard-hitting direct actions. We demonstrate the power of this
movement by unleashing direct actions on local payday loan shops in
cities across the country during our signature Shark Week. We countered the big-money
lobbyists with grassroots lobbying and fought to create the
Consumer Financial Protection Bureau – a government agency with
the power to protect consumers by pulling the teeth from
the jaws of the payday loan sharks. Earlier this year, the CFPB proposed
new rules on predatory payday lenders and asked the public to weigh in. Hundreds of thousands of people
flooded the CFPB with personal stories and demanded that they do everything in their power to protect our communities against payday lenders. To each of you who submitted a letter,
email or electronic comment, thank you. And to everyone who is throwing down in power-packed direct actions
around the country, thank you. And finally, to everyone who is organizing to build
people-power into the hundreds of thousands … …thank you. But, the fight isn’t over until the CFPB closes
the payday and car title debt trap for good. It is our collective voice that gave the CFPB a job and it is our collective voice that will hold them to it.

One comment on “Beating Back the Shark Attack!”

  1. Blue Carreker says:

    Yeah for People's Action and all the people who took action. Let's keep up the pressure. Shut down payday lending. Shut down the car title debt trap. Stop those who exploit people when they are hardest up.

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