For the millions of Americans struggling to afford an unexpected expense, high-interest payday and online loans may seem like acceptable options despite the inherent risk. But guidelines issued by federal regulators in the spring could bring a competitor to small-dollar lending: banks. The guidelines omit a previous suggestion from the Federal Deposit Insurance Corp. that […]
Monthly Archives: July 2020
07
Jul
Jul
The Consumer Financial Protection Bureau released a final rule on payday loans on Tuesday, repealing Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing advances. of funds. To help ensure that borrowers do not get caught up in so-called debt traps, the CFPB in 2017 issued new multi-part […]