Understand the big picture
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| Published: | 2016-Jun-02 |
| Last Updated: | 2016-Aug-25 |
| Principal Writer: | Barry Shatzman |
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The CFPB has proposed regulations to protect borrowers
The CFPB has proposed a rule to regulate payday loans. The regulations could take effect in early 2017. They would...
o Require lenders to determine that the borrower has the ability to pay back the loan - taking into account their living expenses.
o Restrict the number of times a borrower can roll over an existing loan into a new one.
o Limit the lenders ability to repeatedly attempt to withdraw money from a borrower's checking account, which would result in multiple bank fees charged to the borrower.
o Restrict the number of times a borrower can roll over an existing loan into a new one.
o Limit the lenders ability to repeatedly attempt to withdraw money from a borrower's checking account, which would result in multiple bank fees charged to the borrower.
You can read a summary of the planned regulations (as well as the full proposal) at the CFPB website.
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