On February 6th, the CFPB announced their plans to gut crucial protections that would stop payday lenders from trapping consumers in spiraling debt. The existing rule establishes the common sense requirement, typical of other types of loans, that lenders should have to verify a borrower’s ability to repay a loan before issuing it. The new CFPB leadership is taking away …
CFPB Releases Plan to Gut Payday Loan Protections
FOR IMMEDIATE RELEASE: February 6, 2019 CONTACT: Desmond Lee; desmond.lee@berlinrosen.com; 646-517-1826 A Gift to the Payday Loan Sharks WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) under Trump-appointed Director Kathy Kraninger unveiled a plan to gut the CFPB’s landmark 2017 payday and car title lending rule before it even goes into effect. By eviscerating this consumer protection, …
Payday Loan Reform in the News – February 1, 2019
Highlight Columbia prof’s ties to payday lenders cloud CFPB rollback January 31, New York Post Kevin Dugan Since at least 2017, US regulators have relied on a single, “objective” academic study to shape restrictions on short-term, high-interest loans, which critics claim are prone to victimize cash-strapped borrowers. But the Ivy League professor behind that study — which scrutinized in particular …