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CFPB Pay Day Loan Rulemaking is Imminent and can Target Repeated Borrowing

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CFPB Pay Day Loan Rulemaking is Imminent and can Target Repeated Borrowing

The CFPB has marshaled information against exactly what it views as a suffered usage problem by pay day loan borrowers and it is “in the belated stages” of drafting guidelines to restrict loan that is payday, in accordance with Director Cordray’s remarks prepared for today’s field hearing.

It would appear that into the future that is near Bureau will issue a notice of proposed rulemaking by which it concludes that duplicated cash advance borrowing is “unfair” or “abusive” under the Dodd-Frank Act.

The CFPB workplace of studies have released another payday financing report, that one focused on measuring “loan sequences,” which it defines as “a series of loans applied for within week or two of payment of the previous loan. Read More