Tell the CFPB Not to Repeal Protections Against 300% APR Car Title Loans

Comments are due May 15, 2019 to urge the Consumer Financial Protection Bureau (CFPB) not to repeal the heart of the payday and car title loan rule.

Georgia voters across the state overwhelmingly support reform of the predatory lending industry. According to a recent survey, 83% of Georgians think there should be a cap on interest rates lenders can charge for car title loans. In the same poll, 73% of Georgians said lenders should be required to assess a borrower’s ability to repay before making the loan.

The federal loan rule, issued by the CFPB in October 2017, is scheduled to go into effect in August of this year. The rule stems from over five years of careful research conducted by the CFPB, which recognized the devastating impact of the predatory lending industry on millions of Americans. It adopts protections that responsible lenders already follow. According to the rule, lenders that make loans of 45 days or less must make a reasonable determination that borrowers can afford to repay the loan while meeting other expenses.

But the CFPB, under a new leader, has proposed to gut the loan rule by repealing common-sense ability-to-repay provisions. Without the rule, lenders can target vulnerable consumers with debt trap loans that cause consumers to default on other bills, incur overdraft fees, and even face bankruptcy. See Georgia Watch’s statement in February opposing the repeal.

What can you do?

Submit your comment to the CFPB by May 15, 2019 urging it to keep the lending rule. We need original letters detailing stories about the many harms that come from unaffordable car title loans and the consequences of delinquency and default. Even a one-paragraph comment helps.

You can submit comments here, online at, by email to, or by mail. Be sure to include Docket No. CFPB-2019-0006 in the subject line.

Below are some resources to help: