Friday, October 6, 2017

CFPB Releases Payday Lending Final Rule

It seems that the Consumer Finance Protection Bureau might be coming down hard on consumers regarding paying back most debt at once, including payday loans, auto title loans, deposit advance products, and longer-term loans with balloon payments. Under the new rule, lenders will be required to conduct a comprehensive “full-payment test” to determine upfront that borrowers can afford to repay their loans without re-borrowing.

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