CFPB Pay Day Loan Rulemaking is Imminent and certainly will Target Repeated Borrowing

CFPB Pay Day Loan Rulemaking is Imminent and certainly will Target Repeated Borrowing

The CFPB has marshaled information against just just what it views as a sustained usage problem by cash advance borrowers and it is “in the belated stages” of drafting guidelines to limit loan that is payday, relating to Director Cordray’s remarks ready for today’s field hearing.

It would appear that into the not too distant future the 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 2 weeks of payment of the previous loan. (mais…)

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