CFPB Proposes Payday Lending Restrictions

John PorterJohn Porter, Partner

The Consumer Financial Protection Bureau (CFPB) recently indicated it was exploring limitations to end payday debt traps by requiring lenders to take steps to ensure consumers can repay their loans. These proposals would also restrict lenders from attempting to collect payment from consumers’ bank accounts in ways that result in excessive fees. The consumer protections would apply to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment and open-end loans. How will these proposals affect your credit union’s current practices as it relates to payday lending? Read More

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