Payday Loan Industry Overhaul

Friday, June 3, 2016

 

The payday loan industry could get a major overhaul. The Consumer Financial Protection Bureau has proposed new rules to rein in companies that offer short-term loans that carry high interest rates. The bureau wants three new rules in place. They would require payday lenders to verify a borrower’s ability to afford a loan…Make it harder for lenders to re-issue or refinance a borrower’s loans… And regulate penalty fees. CFPB is opening up the proposals for public comment… Which must be submitted before September 14TH.

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