Google is the latest enterprise to join the growing chorus of civil rights, consumer, and faith groups concerned with how payday lending companies carry out their lending practices. In a landmark decision today, the technology giant announced that it will ban ads featuring payday lenders. The decision comes just as the Consumer Financial Protection Bureau prepares to issue regulations that would seriously reign in these lenders.
As we have highlighted in our blog series, “Truth in Payday Lending: Stories from Latino Borrowers,” payday lending industry practices have wreaked havoc on millions of consumers. The unsafe financial products they peddle trap consumers, many of them Latino, in a vicious debt cycle that is difficult to get out of.