Studies question value of anticipated CFPB pay day loan limitations

February 16, 2021

Studies question value of anticipated CFPB pay day loan limitations

The CFPB??™s payday loan rulemaking ended up being the topic of a NY occasions article earlier this Sunday that has gotten attention that is considerable. In line with the article, the CFPB will ???soon release??? its proposition that is anticipated to add an ability-to-repay requirement and limitations on rollovers.

Two present studies cast doubt that is serious the explanation typically made available from customer advocates for the ability-to-repay requirement and rollover restrictions??”namely, that sustained utilization of pay day loans adversely impacts borrowers and borrowers are harmed if they neglect to repay a quick payday loan. Read the rest of this entry »