To inform discussion at the U.S. House Financial Services Consumer Protection and Financial Services Subcommittee hearing, “Ending Debt Traps in the Payday and Small Dollar Credit Industry,” held on April 30, 2019, The Pew Charitable Trusts provided a summary of its extensive research on small-dollar loans. The Pew letter delivered a strong defense of the Consumer Financial Protection Bureau’s 2017 payday loan rule and offered policy recommendations for possible legislative solutions to the problems borrowers face when leaning on high-cost credit in time of financial stress.