Month: October 2017

The payday loan rule could change in 2019

Consumers who are caught in a financial crisis may one day avoid the payday loan store and turn to banks and credit unions for cheap, quick-repair loans. This is a possibility raised by consumer advocates who want to end the horrific triple-digit rates that are being charged to vulnerable consumers who take out payday loans. […]

Editorial: Finally, a crackdown on predatory payday lending

The Consumer Financial Protection Bureau new rules for payday loans and car title loans have drawn predictable outcry from lenders, especially small storefront operators who say the restrictions will put them out of business. And it’s an understandable complaint – after spending five years studying the high-cost credit market, the bureau has shot to the […]

New US payday loan rule will hurt industry, boost banks: agency

By Lisa Lambert, Pete Schroeder WASHINGTON (Reuters) – Revenue from the $6 billion payday loan industry will decline due to a new U.S. rule restricting lenders’ ability to take advantage of short-term, high-interest loans, and a Much of the business could shift to smaller banks, according to the country’s financial consumer watchdog. A place of […]

New rule asks if borrowers can afford payday loans

Lenders who offer payday loans and other small advances to cash-strapped consumers must first determine whether borrowers can afford to pay off debt under a long-awaited federal rule, finalized Thursday. The rule, adopted by the Consumer Financial Protection Bureau, would also reduce repeated attempts by lenders to debit payments from borrowers’ bank accounts, a practice […]

CFPB Ends Many Payday Loans – Where Will Consumers Go Next?

The Consumer Financial Protection Bureau on Thursday released a final version of its payday loan rules. “The new CFPB rule puts an end to the payday debt traps plaguing communities across the country,” said CFPB Director Richard Cordray. “Too often, borrowers who need cash quickly find themselves trapped in loans they cannot afford.” The CFPB […]

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