Without a doubt about CFPB Finalizes Payday Lending Rule

Without a doubt about CFPB Finalizes Payday Lending Rule

the CFPB finalized its long-awaited guideline on payday, car name, and particular high-cost installment loans, commonly described as the “payday financing guideline.” The last guideline places ability-to-repay needs on loan providers making covered short-term loans and covered longer-term balloon-payment loans. The last guideline additionally limits efforts by loan providers to withdraw funds from borrowers’ checking, cost savings, and prepaid reports utilizing a “leveraged payment apparatus. for many covered loans, as well as particular longer-term installment loans”

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