Six U.S. senators sent a letter to the Consumer Financial Protection Bureau this week pushing the agency to take action to protect consumers from predatory storefront and online payday lenders.

The letter encouraged the CFPB to consider successful examples of tough regulation in states such as Oregon, which in 2007 under the leadership of then-Speaker of the House Jeff Merkley (D-Ore.) implemented a range of important consumer protections, including minimum loan terms, fee and renewal limitations and a waiting period between loans with broad coverage for all types of small dollar lending. The senators also suggested the CFPB adopt the proposals in the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act (S.172) that particularly target abuses in online lending.

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