Payday loan providers get unforeseen reprieve from CFPB guideline

Payday loan providers get unforeseen reprieve from CFPB guideline

A federal judge delivered another success to payday loan providers by making in position a stick to the conformity date when it comes to customer Financial Protection Bureau’s 2017 payday lending guideline.

That guideline, drafted under previous CFPB Director Richard Cordray, had two key elements: new underwriting needs for high-cost, small-dollar loan providers, and restrictions as to how frequently a loan provider can attempt debiting re re payments from the debtor’s banking account.

The CFPB under Trump-appointed Director Kathleen Kraninger already proposed eliminating the underwriting portion. However in a surprising development, U.S. Continue lendo “Payday loan providers get unforeseen reprieve from CFPB guideline”