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central cash – When Will We Cry?

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The CFPB, Payday Lending And Unintended Consequences

The CFPB has started to make the first steps toward more intensive legislation associated with the term that is short small buck borrowing space – also called payday financing.

A week ago, the Federal customer watchdog announced it is considering a proposition that could need loan providers to simply take steps that are additional guarantee consumers are able to repay these loans. The proposed rule would additionally limit repayment collection practices that apply charges “in the surplus. ”

“Today we’re using a step that is important closing your debt traps that plague scores of customers throughout the country, ” CFPB Director Richard Cordray remarked at a Field Hearing on Payday Lending in Richmond, Virginia. Read More