Merkley ‘Shark Week’ video: Go after payday loan sharks
This week, in honor of TV’s “Shark Week,” Sen. Jeff Merkley, D-Ore., released a whiteboard video entitled “Loan Shark Week” to urge the Consumer Financial Protection Bureau to crack down on predatory payday lending and prevent loan sharks from trapping American families in a vortex of debt.
In the video, Merkley explains how payday loan sharks take advantage of American families by using staggering interest rates to pull borrowers deeper into debt.
“We need to support the Consumer Financial Protection Bureau as it cracks down on these payday lenders,” said Merkley. “Let’s stop the payday loan sharks from drowning our families in this vortex of debt.”
