On October 5, 2017 the Consumer Financial Protection Bureau announced a new rule aimed to protect consumers against payday loan...
Almost 800,000 U.S. government workers are out of work due to the shutdown and high cost, short term lenders are...
The new rule forces lenders to to assess whether borrowers can repay the loans and limits rollovers, where customers take out new loans to repay old ones; the new rule is likely to face legal challenges and is primarily focused on loans under 45 days. Source
Payday lending has always had a place in financial services as they do offer credit to those who are shut...
In 2017 the CFPB saw a ton of regulation and a battle for the successor to former director Richard Cordray; this coming year could be even more tumultuous as acting director Mick Mulvaney looks to undo many of the regulations Cordray put in place and the ensuing court battle over who is the rightful director; recent rule like the arbitration rule have been reversed and they payday lending regulation could be next to go; with a number of regulations in need or more clarity or a court decision the next 12 months could prove crucial for the future of the agency. Source.
When the CFPB was first formed the mission was to better protect consumers from financial products that did not suit...
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