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CFPB Finalizes Rule To Cease Payday Debt Traps

26 Jan , 2020,
Beth Weissman
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CFPB Finalizes Rule To Cease Payday Debt Traps

Lenders Must Determine If Consumers Have the capacity to Repay Loans That Require All or all the Debt to be Paid straight back simultaneously

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule this is certainly directed at stopping payday financial obligation traps by requiring loan providers to find out upfront whether people are able to afford to settle their loans. These strong, common-sense protections cover loans that need customers to settle all or the majority of the financial obligation at the same time, including pay day loans, car name loans, deposit advance items, and longer-term loans with balloon re re payments.

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