Last week, the CFPB announced that it is considering a proposal that would require payday lenders to take additional steps to ensure consumers have the ability to repay payday loans.
The CFPB has begun to take the first steps toward more intensive legislation of the short term, small dollar borrowing space – also known as payday lending. Last week, the Federal consumer watchdog announced that it is considering a proposal that would require lenders to take additional steps to ensure consumers have the ability to repay these loans. The proposed rule would also restrict payment collection methods that apply fees “in the excess.” “Today we are taking an important step toward ending the debt traps that plague millions of consumers across the country,”
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