Pay Day Loans Under Attack: The CFPB’s New Rule Could Considerably Affect High-Cost, Short-Term Lending

Pay Day Loans Under Attack: The CFPB’s New Rule Could Considerably Affect High-Cost, Short-Term Lending

the customer Financial Protection Bureau (“CFPB” or “Bureau”) proposed a rule that is new its authority to supervise and manage specific payday, automobile title, as well as other high-cost installment loans (the “Proposed Rule” or the “Rule”). These customer loan items have been around in the CFPB’s crosshairs for quite a while, and also the Bureau formally announced it was considering a guideline proposition to finish just what it considers payday financial obligation traps straight back in March 2015. Continue reading “Pay Day Loans Under Attack: The CFPB’s New Rule Could Considerably Affect High-Cost, Short-Term Lending”