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In March of 2015, the Consumer Financial Protection Bureau (CFPB) announced that it was considering proposing new rules to payday lending that would “prevent or protect” borrowers. Well, now we have them. Here’s the gist of the CFPB’s proposed rules to strengthen consumer protections in payday lending, as well as auto title loans, and other high-cost loans.
Entries Tagged as 'PayDay Loans'
Full-Payment Test, Other Rules Would Help Safeguard Borrowers Against Vicious Cycle of Payday Loans: CFPB Proposal
June 2nd, 2016 · No Comments · PayDay Loans
Tags: CFPB·consumer protection
20 Percent of Auto Title Loan Borrowers Lose Their Vehicles: CFPB
May 20th, 2016 · No Comments · PayDay Loans
It’s official. Auto title loans are just as bad as we thought, if not worse. According to a new report from the Consumer Financial Protection Bureau (CFPB), 20 percent of auto title loan borrowers on single-payment plans have their vehicles seized because they cannot pay them back.
Tags: auto title loans
All American Check Cashing Refused to Tell Consumers How Much the Service Cost: CFPB
May 13th, 2016 · No Comments · PayDay Loans
Can you imagine any scenario in which you’d be okay not knowing how much a service is going to cost you? Of course not. Yet, that’s exactly what the CFPB says All American Check Cashing expected of consumers, allegedly refusing to reveal to them the cost of cashing a check.