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brand New U.S. rule on pay day loans to harm industry, boost banking institutions: agency

20 Jan , 2020,
Beth Weissman
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brand New U.S. rule on pay day loans to harm industry, boost banking institutions: agency

WASHINGTON (Reuters) – profits when it comes to $6 billion pay day loan industry will shrivel under a brand new U.S. guideline limiting loan providers’ ability to benefit from high-interest, short-term loans, and far of this company could relocate to little banking institutions, in line with the country’s customer watchdog that is financial.

The buyer Financial Protection Bureau (CFPB) released a regulation on Thursday requiring loan providers to see whether borrowers can repay their debts and capping how many loans loan providers could make up to a debtor.

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