May 2015 Leading Major Country PMI Comparisons

05/21/2015

U.S. Manufacturing Still Number One

May 2015 Major Economy PMI Comparison 2

Manufacturing PMIs for May are out, and the United States, despite declining to lowest since January 2014 today, is still some way ahead of the rest of the world. This continues a trend that has been in place since the spring of last year.A reading above 50 points to an expansion in manufacturing. The United States is the only major economy that has not fallen below that point in the past three years. 
Bloomberg Source

May 2015 Major Economy PMI Comparison

Made_in_America_flag_lrg

SUPPORT AMERICAN ECONOMY & AMERICAN WORKERS
BUY AMERICAN MADE PRODUCTS

Outsourcing Message from AllAmericanClothing.com

Outsourcing Message from AllAmericanClothing.com


 Obama_Biden_thumbnail


Pres Obama @ Summit on Overcoming Poverty

05/11/2015

PBO @ GU Poverty Summit

OBAMA TO JOIN SUMMIT ON OVERCOMING POVERTY IN U.S. AT GEORGETOWN

MAY 7, 2015 – PRESIDENT BARACK OBAMA WILL PARTICIPATE in a unique Catholic-Evangelical Leadership Summit on Overcoming Poverty at Georgetown next week that addresses key questions related to the moral, human and economic costs of poverty in the United States.

The President will discuss the topic of poverty and opportunity May 12 with well-known Harvard public policy professor Robert Putnam and Arthur Brooks, president of the American Enterprise Institute.

“Georgetown University is privileged to host this unprecedented and timely summit of Catholic, evangelical and other religious leaders coming together to make overcoming poverty a clear moral imperative and urgent national priority,” says Georgetown President John J. DeGioia. “The university is particularly honored to welcome President Obama to join this unique dialogue with Robert Putnam and Arthur Brooks.”

Washington Post columnist and McCourt School of Public Policy adjunct professor E.J. Dionne Jr. will moderate the discussion, and the conversation will be webcast at georgetown.edu.

SUPPORTING COMMON GOOD

Sen. Tim Scott (R-South Carolina) will address the summit after the discussion.

The May 11-13 summit is organized by Georgetown’s Initiative on Catholic Social Thought and Public Life and the National Association of Evangelicals.

“As Pope Francis has placed a preference for the poor at the center of public life,” DeGioia adds, “we bring our resources as a Catholic and Jesuit university in the nation’s capital to engage in dialogue and scholarship that supports the betterment of humankind and the common good.”

SENSE OF URGENCY

More than 120 leaders from evangelical, Catholic and broader religious communities, as well as key policy makers, researchers and community organizers, have been invited to the summit.

“With this summit, Catholic and evangelical leaders hope to create a new sense of urgency, new allies and new ideas to help overcome the political paralysis and moral scandal of too much poverty and too little opportunity in our nation,” says John Carr, the Georgetown initiative’s director. “We are honored that President Obama has chosen to join us in addressing this urgent moral imperative.”

Carr says the summit is a “direct response” to Pope Francis’ “challenge to place the lives and dignity of the poor at the center of religious and public life.”

Key partners and participants for the summit include the Circle of Protection, the United States Conference of Catholic Bishops, Bread for the World, World Vision, the Salvation Army, the Southern Christian Leadership Conference, Catholic Charities USA, Oxfam America, Sojourners, PICO National Network and the Annie E. Casey Foundation.

For more: http://www.georgetown.edu/news/poverty-summit-2015-with-obama.html

.

The White House would like to hear how the issues discussed at the summit are playing out in your community, and how you think we can continue expanding opportunity for more Americanshttps://www.whitehouse.gov/webform/poverty-and-opportunity-your-community-what-are-you-seeing

May 12, 2015
11:30 AM ET
President Obama joins leaders from faith groups, public and private organizations in a panel discussion at the
Catholic-Evangelical Leadership Summit on Overcoming Poverty
Georgetown University, Washington DC

.

#povertysummit

Obama_Biden_thumbnail


International Workers’ Day 2015

04/29/2015

International Workers’ Day is a celebration of the international labour movement that occurs on May Day, May 1, a traditional Spring holiday in much of Europe. May 1 is a national holiday in more than 80 countries, and celebrated unofficially in many other countries. In some countries the public holiday is officially Labor Day while in others the public holiday marks the traditional Spring festival known as May Day.

In 2006, May 1 was chosen by mostly Latino immigrant groups in the United States as the day for the Great American Boycott, a general strike of undocumented immigrant workers and supporters to protest H.R. 4437, immigration reform legislation which they felt was draconian. From April 10 to May 1 of that year, millions of immigrant families in the U.S. called for immigrant rights, workers rights and amnesty for undocumented workers. They were joined by socialist and other leftist organizations on May 1. On May 1, 2007, a mostly peaceful demonstration in Los Angeles in support of undocumented immigrant workers ended with a widely televised dispersal by police officers. In March 2008, the International Longshore and Warehouse Union announced that dockworkers will move no cargo at any West Coast ports on May 1, 2008, as a protest against the continuation of the Iraq War and the diversion of resources from domestic needs. For May Day 2010, marches were being planned in many cities uniting immigrant and native workers including New York, San Francisco, Boston, Albany, Chicago and Los Angeles most of whom protested against the Arizona Senate Bill 1070.

On May 1, 2012, tens of thousands marched in the streets of New York and around the US to commemorate May Day as the worker’s holiday and to protest the dismal state of the economy, the growing divide between the rich and the poor and the status quo of economic inequality. Members of Occupy Wall Street and labor unions held protests together in a number of cities in the United States and Canada on May 1, 2012 to commemorate May Day.

Source: http://en.wikipedia.org/wiki/International_Workers%27_Day#United_States

Obama_backs_American_workers_med

2014 SOTU - Raise the minimum wage

2014 SOTU calls for action on increasing jobs

Raising the Minimum Wage to $10.10. As he said in his State of the Union speech on January 28th, President Obama will continue to call on Congress to pass the Harkin-Miller plan to raise the Federal minimum wage for working Americans in stages to $10.10 and index it to inflation thereafter, while also raising the minimum wage for tipped workers for the first time in over 20 years. The President knows this is important for workers and good for business.

.

4/30/14 The Senate GOP blocks the Minimum Wage Boost

.

Did You Know That Women Are Still Paid Less Than Men?

On average, full-time working women earn just 77 cents for every dollar a man earns. This substantial gap is more than a statistic — it has real life consequences. When women, who make up nearly half the workforce, bring home less money each day, it means they have less for the everyday needs of their families, and over a lifetime of work, far less savings for retirement.

President Obama supports passage of the Paycheck Fairness Act, a comprehensive and commonsense bill that updates and strengthens the Equal Pay Act of 1963, which made it illegal for employers to pay unequal wages to men and women who perform substantially equal work.

On April 11, 2013 the House GOP blocked the Paycheck Fairness Act from getting a vote.

On April 9, 2014 the Senate GOP blocked the Paycheck Fairness Act from getting a vote.

 

PBO Equality

The Employment Non-Discrimination Act (ENDA) is legislation proposed in the United States Congress that would prohibit discrimination in hiring and employment on the basis of sexual orientation or gender identity by civilian, nonreligious employers with at least 15 employees.

ENDA has been introduced in every Congress since 1994 except the 109th. Similar legislation has been introduced without passage since 1974. The bill gained its best chance at passing after the Democratic Party broke twelve years of Republican Congressional rule in the 2006 midterm elections.In 2007, gender identity protections were added to the legislation for the first time. Some sponsors believed that even with a Democratic majority, ENDA did not have enough votes to pass the House of Representatives with transgender inclusion and dropped it from the bill, which passed the House and then died in the Senate. President  George W. Bush threatened to veto the measure. LGBT advocacy organizations and the LGBT community were divided over support of the modified bill.

In 2009, following Democratic gains in the 2008 elections, and after the divisiveness of the 2007 debate, Rep. Barney Frank introduced a transgender-inclusive version of ENDA. He introduced it again in 2011, and Sen. Jeff Merkley introduced it in the Senate. President Barack Obama supports the bill’s passage.

Source: http://en.wikipedia.org/wiki/Employment_Non-Discrimination_Act

.

Statement by the President on Senate Passage of the Employment Non-Discrimination Act of 2013

November 07, 2013

For more than two centuries, the story of our nation has been the story of more citizens realizing the rights and freedoms that are our birthright as Americans. Today, a bipartisan majority in the Senate took another important step in this journey by passing the Employment Non-Discrimination Act, which would help end the injustice of our fellow Americans being denied a job or fired just because they are lesbian, gay, bisexual or transgender. Just as no one in the United States can lose their job simply because of their race, gender, religion or a disability, no one should ever lose their job simply because of who they are or who they love.

Today’s victory is a tribute to all those who fought for this progress ever since a similar bill was introduced after the Stonewall riots more than three decades ago. In particular, I thank Majority Leader Reid, Chairman Harkin, Senators Merkley and Collins for their leadership, and Senator Kirk for speaking so eloquently in support of this legislation. Now it’s up to the House of Representatives. This bill has the overwhelming support of the American people, including a majority of Republican voters, as well as many corporations, small businesses and faith communities. They recognize that our country will be more just and more prosperous when we harness the God-given talents of every individual.

One party in one house of Congress should not stand in the way of millions of Americans who want to go to work each day and simply be judged by the job they do. Now is the time to end this kind of discrimination in the workplace, not enable it. I urge the House Republican leadership to bring this bill to the floor for a vote and send it to my desk so I can sign it into law. On that day, our nation will take another historic step toward fulfilling the founding ideals that define us as Americans.

Contact your legislator Contact your Congress person to pass the Fair Minimum Wage Act, Harkin-Miller Plan & ENDA!!!

U.S. Senators
U.S. Representatives
Tweet a Message to Your Representative

Obama_Biden_thumbnail


White House UpSkill Summit

04/24/2015

At today’s White House Upskill Summit, the Administration announced new steps to help realize the full potential of America’s workforce by empowering workers with the education and training they need to develop new skills and earn higher wages. Over 100 leading employers, who employ more than 5 million workers made concrete commitments to empower front-line workers across their businesses, in partnership with 30 national labor unions, and accelerated by new innovative data and tools. During his State of the Union address earlier this year, the President launched a new Upskill Initiative, calling on businesses to help workers of all ages earn a shot at better, higher-paying jobs, even if they do not have a higher education. The commitments announced today already represent significant action and progress since the President’s January call to action.

.

What They’re Saying: Businesses are Ready to Join the President to UpSkill America

Lindsay Holst January 26, 2015  01:24 PM EDT

In his State of the Union address and again at Boise State days later, the President called on more employers to adopt or expand measures to help workers gain the skills and credentials to advance into better paying jobs – including by expanding registered apprenticeships, increasing uptake of tuition benefit programs that pay for a worker to complete their college education, offering on-the-job training for career progression, and increasing access to technology-enabled learning tools.

Tonight, I’m also asking more businesses to follow the lead of companies like CVS and UPS, and offer more educational benefits and paid apprenticeships — opportunities that give workers the chance to earn higher-paying jobs even if they don’t have a higher education.

– President Obama, State of the Union Address, January 20, 2015

This initiative to Upskill America includes important steps by employeers, educators, and others in the private sector. That’s why more than 30 employers are already answering the President’s call to grow apprenticeships, support thousands of workers to earn a college degree for free while they are working, and providing a clear path upward for employeers who develope and demonstrate critical skills in the field. It’s also why President Obama is calling on Congress to invest over $2 billion to expand registered apprenticeships and spread high-quality training programs.

For more: https://www.whitehouse.gov/blog/2015/01/26/what-theyre-saying-businesses-are-ready-join-president-upskill-america

 .

Leading Employers Commit to Boost Worker Education, Job Training to Expand Economic Opportunity for 24 Million American Frontline Workers

April 24, 2015 upskillamerica.org

Washington, DC, April 24, 2015 – A White House Summit will convene today to address the critical need expand economic opportunity for low-wage workers and develop a more skilled workforce. At the same time, top U.S. business and workforce leadership in the UpSkill America partnership will announce new commitments to bolster their investment in frontline employee education and training.

Launched in January, UpSkill America is a coalition of business, labor, education, workforce training, and human resource organizations leading a national movement to provide the 24 million American workers stuck in low-skill jobs the opportunity to gain the education and training they need to move into higher-skill roles. The UpSkill America network’s collective membership includes hundreds of employers and labor partnerships representing millions of workers across the country.

UpSkill America partners played an integral role in bringing together the diverse group of 150 employers, labor leaders, non-profits, educators and technology innovators at the White House Upskilling Summit today. Together, these organizations are leading the way in providing more workers with stepping stones to advance on a career path and into the middle class.

New upskilling efforts unveiled at the summit include one hundred employers expanding access to apprenticeships and on-the-job training, as well as thirty national and local labor unions and non-profit groups working with employers to expand access to best practice training strategies. The focus of these efforts will center on industries like retail and hospitality and in small businesses that employ millions of low-wage workers. New data and tools for workers and employers were also released, among them:

“Businesses have a vital role to play in expanding the talent pipeline in our country,” said John Colborn, director of the Aspen Institute’s Skills for America’s Future, which is facilitating the work of UpSkill America. “UpSkill America is committed to sharing best practices, providing resources like new data and tools for employers to help enhance their workforce development practices and move the needle on addressing the national workforce skill shortage.”

For more: http://www.upskillamerica.org/press-release-leading-employers-commit-to-boost-worker-education-job-training-to-expand-economic-opportunity-for-24-million-american-frontline-workers/

.

Obama_backs_American_workers_sml

Obama_Biden_thumbnail


Paycheck Fairness Act – Isn’t It About Time?

04/13/2015

Equal Pay - Women Breadwinners

The Paycheck Fairness Act is proposed legislation that would add procedural protections to the Equal Pay Act of 1963 and the Fair Labor Standards Act as part of an effort to address male–female income disparity in the United States. A Census Bureau report published in 2008 stated that women’s median annual earnings were 77.5% of men’s earnings, newer studies suggest, when the data is controlled for certain variables, the residual gap is around 7%, the same study concludes that the residual is due to the fact that “hours of work in many occupations are worth more when given at particular moments and when the hours are more continuous. That is, in many occupations earnings have a nonlinear relationship with respect to hours.”

The House of Represen­tatives approved the bill in January 2009. The United States Senate failed to move the bill forward in November 2010. President Barack Obama said in March 2011 that he will continue to fight for the goals in the Paycheck Fairness Act. The bill was reintroduced in both houses of Congress in April 2011.

The 2010 bill had no Republican Party co-sponsors, though a group of four Republican senators had supported an earlier bill to address gender-based wage discrimination, including Susan CollinsKay Bailey HutchisonLisa Murkowski and Olympia Snowe. On June 5th, 2012 the bill fell short of the 60 votes necessary to override a filibuster and did not make it to the Senate floor for debate. The vote went along party lines, excluding a vote against by Democrat Harry Reid. (A vote which left Democrats the option to introduce the bill again at a later time.) On April 9, 2014, in another straight-party-line vote, the Paycheck Fairness Act (S. 2199; 113th Congress) was again blocked by a Republican filibuster in the U.S. Senate. Once again, Senator Reid changed his vote from support to oppose, as a tactical maneuver to keep the bill alive.

The 2010 Senate version of the bill had the support of the Obama administration and that of Democrats in the Senate. The American Civil Liberties Union supported S.182, citing the 2008 data from the United States Census Bureau that women’s median annual earnings were 77.5% of the male median, African-American women’s median annual earnings were 64% of the white male median, and Hispanic women’s median annual earnings were 54% of the white male median. The American Association of University Women also supported the bill, citing the organization’s 2007 research report, Behind the Pay Gap, which showed that women earn less than their male colleagues just one year out of college. The pay gap has widened 10 years after graduation.

Source: http://en.wikipedia.org/wiki/Paycheck_Fairness_Act

.

Presidential Proclamation — National Equal Pay Day, 2015

NATIONAL EQUAL PAY DAY, 2015

– – – – – – –

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION

In the United States, the promise of opportunity is built on the idea that everyone who works hard should have the chance to get ahead.  This creed is at the core of our democracy, and it is central to our belief that America does best when all people are able to share in our Nation’s prosperity and contribute to our success.  Yet every day, countless women perform the same work as their male colleagues only to earn less than their fair share.  On National Equal Pay Day, we mark how far into the new year women would have to work just to earn the same as men did in the previous year, and we renew our efforts to end this injustice.

On average, full-time working women earn 78 cents for every dollar earned by men, and women of color face an even greater disparity.  This wage gap puts women at a career-long disadvantage, and it harms families, communities, and our entire economy.  Today, in more than half of all households, women are breadwinners — 49 million children depend on women’s salaries.  But our economy and our policies have not caught up to this reality.  When women experience pay discrimination it limits their future, and it also hurts the people they provide for.  It means less for their families’ everyday needs, for investments in their children’s futures, and for their own retirements.  These effects reduce our shared prosperity and restrict our Nation’s economic growth.  Wage inequality affects us all, and we each must do more to make certain that women are full and equal participants in our economy.

When we take action to help women succeed, we help America succeed, and my Administration is committed to ensuring women have every opportunity to reach their fullest potential.  The first bill I signed as President was the Lilly Ledbetter Fair Pay Act, and the following year — to crack down on violations of equal pay laws — I created the National Equal Pay Task Force, which to date has helped women recover millions of dollars in lost wages.  If workers do not know they are underpaid, they cannot challenge the inequality; that is why we are going to require Federal contractors to submit data on employee compensation, including data by sex and race, and why last year I signed an Executive Order prohibiting Federal contractors from retaliating against employees who choose to discuss their pay.  And I continue to call on the Congress to pass the Paycheck Fairness Act to protect all people’s fundamental right to a fair wage.

For more: https://www.whitehouse.gov/the-press-office/2015/04/13/presidential-proclamation-national-equal-pay-day-2015

.

Did You Know That Women Are Still Paid Less Than Men?

On average, full-time working women earn just 77 cents for every dollar a man earns. This substantial gap is more than a statistic — it has real life consequences. When women, who make up nearly half the workforce, bring home less money each day, it means they have less for the everyday needs of their families, and over a lifetime of work, far less savings for retirement.

President Obama supports passage of the Paycheck Fairness Act, a comprehensive and commonsense bill that updates and strengthens the Equal Pay Act of 1963, which made it illegal for employers to pay unequal wages to men and women who perform substantially equal work.

.

GET THE FACTS

GOP Blocks Equal Pay

Senate Republicans again kill Paycheck Fairness Act

4/09/14 01:06 PM – Steven Benen – maddowblog

The third time was not the charm. Democratic efforts to pass the Paycheck Fairness Act failed to overcome Republican opposition in the 111th Congress and the 112th Congress, and as of this morning, it failed once again at the hands of a GOP filibuster.

Senate Republicans filibustered a debate on a Democratic pay equity bill backed by President Barack Obama Wednesday.

Sixty votes were needed to allow the bill to be debated on the Senate floor, but Republicans refused to allow the bill to come up for debate after complaining Democrats weren’t allowing votes on their amendments.

The roll call from the vote is online here. Note that the final tally was 54 to 43 – six votes shy of the supermajority needed to end Republican obstructionism – but Senate Majority Leader Harry Reid (D-Nev.) switched his vote for procedural reasons, leaving it at 53 to 44.

The legislation received exactly zero Republican votes, as was the case with previous efforts to pass the bill.I

In case anyone needs a refresher, the Paycheck Fairness Act is a perfectly credidble piece of legislation that would “enhance the remedies available for victims of gender-based discrimination and require employers to show that wage differences are job-related, not sex-based, and driven by business necessity. The measure would also protect employees from retaliation for sharing salary information, which is important for deterring and challenging discriminatory compensation.”

As we’ve discussed, the Lilly Ledbetter Fair Pay Act was an important step forward when it comes to combating discrimination, but it was also narrowly focused to address a specific problem: giving victims of discrimination access to the courts for legal redress. The Paycheck Fairness Act is a broader measure.

Republicans have responded that they endorse the idea of equal pay for equal work, but in recent years, much of the party remains opposed to policymakers’ efforts to do something about it. (This morning, some GOP senators also raised procedural objections about amendments.)

As for the electoral considerations, aren’t GOP lawmakers worried about rejecting measures like these in an election year?

Apparently not.

Senate Republicans aren’t sweating a ramped-up push by Democrats and President Barack Obama for new pay equity legislation – pushing forward women Republicans to rebut charges they have a woman problem and doubting the issue will resonate with voters. […]

Republicans argue that the Democrats’ bill – along with their so-called “Fair Shot” agenda for the year – is a political ploy that will not fool voters.

I’m not sure who’s trying to fool whom in this model. Dems put together a bill; the bill is popular; and they’ve pushed it repeatedly for six years. That sounds less like a p.r. stunt and more like an effort to address a problem.

As for the midterms, Republicans have struggled of late with the gender gap. At a minimum, today’s vote won’t help.

./GOP_Elephant_WRONG_WAY_small

#EqualPayNow

Obama_Biden_thumbnail


Good Jobs, Green Jobs 2015

04/12/2015

Good Jobs Green Jobs 2014Good Jobs, Green Jobs 2015 - Speaker Elizabeth WarrenGood Jobs, Green Jobs 2015

Good Jobs, Green Jobs 2015 takes place April 13 in Washington, D.C. at the Washington Hilton Hotel. Good Jobs, Green Jobs is the nation’s leading forum for strategizing and implementing environmental solutions that create and maintain quality, family-sustaining jobs and ensure the health and safety of our workplaces and communities.

This year’s Conference is focused on Energizing America. Our energy infrastructure is critical to determining how we address the threat of climate change, how we create family-sustaining jobs and increase global competitiveness, and how we protect the environment and secure the economy for generations to come. Accelerating the deployment of renewable energy, scaling up energy efficiency in our built environment, and upgrading and repairing our energy distribution systems are all critical components of achieving that goal.

The 2015 Conference will build upon the success of previous Conferences that brought together thousands of business, labor, environmental and non-profit leaders to turn ideas into action.

For more: http://www.greenjobsconference.org/about

Good Jobs, Green Jobs 2015 FaceBook: https://www.facebook.com/goodjobsgreenjobs

Good Jobs, Green Jobs 2015 Twitter: https://twitter.com/gjgjconference

.

Monday, April 13, 2015
Vice President Biden delivers remarks
Good Jobs, Green Jobs 2015
Washington Hilton Hotel, Washington, D.C.

#GJGJ2015

Obama_Biden_thumbnail


Reining In Payday Loan Lenders

03/25/2015

Payday Loans

What is a payday loan?

11/6/2013 cfpb.gov

A payday loan – which might also be called a “cash advance” or “check loan” – is a short-term loan, generally for $500 or less, that is typically due on your next payday.

Payday loans generally have three features:

  • The loans are for small amounts.
  • The loans typically come due your next payday.
  • You must give lenders access to your checking account or write a check for the full balance in advance that the lender has an option of depositing when the loan comes due.

Other loan features can vary. For example, payday loans are often structured to be paid off in one lump-sum payment, but interest-only payments – “renewals” or “rollovers” – are not unusual. In some cases, payday loans may be structured so that they are repayable in installments over a longer period of time.

Some ways that lenders might give you the loan funds include: providing cash or a check, loading the funds onto a prepaid debit card, or electronically depositing the money into your checking account.

The cost of the loan (finance charge) may range from $10 to $30 for every $100 borrowed. A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400%. By comparison, APRs on credit cards can range from about 12 percent to 30 percent.

State laws and other factors can influence how much you can borrow and the fees you are charged. Some states do not have payday lending storefronts because these loans are not permitted by the state’s law, or because lenders may choose not to do business in a state rather than abide by the states’ regulations.

There are special protections through the Military Lending Act for active duty servicemembers and their dependents who use certain payday loans and other small dollar credit products.

.

By the Numbers: 400 Percent

Nearly 20 million Americans use payday loans, which offer short-term funds at very high interest rates. Studies have found that the average interest charged on a two-week, $100 loan is about $16—a 400 percent interest rate.

Many people who rely on payday loans are often in desperate need of cash, making them more likely to agree to astronomical interest rates and hefty fees for late payments. But, more often than not, payday loan terms are not clearly explained upfront, if at all. Payday loans end up putting more strain on those who are already struggling financially, including people who have already depleted their resources due to extended unemployment, illness, or emergency, as well as members of the military and their families, who are often targeted by short-term lenders.

Today, the Consumer Financial Protection Bureau, or CFPB, launched the nation’s first program for supervising “non-bank” financial services, an extension of their bank supervision program that began last July. (A non-bank is a company that provides consumer financial services, but doesn’t take deposits or have a bank, thrift, or credit union charter.)

Under this new program, non-banks like payday lenders, as well as private mortgage companies and private education lenders, will be regulated and subject to federal oversight to ensure they play by the rules and don’t take advantage of consumers. CFPB will be able to establish regulations that require payday lenders to disclose borrowers’ obligations and responsibilities in clear, easy to understand terms, so that people know what they are agreeing to when taking out a payday loan.

“This is an important step forward for protecting consumers,” said Richard Cordray, Director of the CFPB. “Holding both banks and nonbanks accountable to consumer financial laws will help create a fairer, more transparent market for consumers. It will create a better environment for the honest businesses that serve them. And it will help the overall economic stability of our country.”

LEARN MORE ABOUT PAYDAY LOANS

.

cfpb Facebook

cfpb Twitter

3/26/15 FACT SHEET: Progress Toward Building a Safer, Stronger Financial System and Protecting Consumers from Unfair and Abusive Practices

3/26/15 FACTSHEET: THE CFPB CONSIDERS PROPOSAL TO END PAYDAY DEBT TRAPS


President Obama hosts a roundtable on the economy
Lawson State Community College, Birmingham, Alabama

March 26, 2015
President Obama delivers remarks on
 loan rates and the economy
Lawson State Community College, Birmingham, Alabama

Obama_Biden_thumbnail


Follow

Get every new post delivered to your Inbox.

Join 329 other followers