Brand Brand New Rules To Ban Payday Lending ‘Debt Traps’. Payday Advances: A assisting Hand Or Predatory Quicksand?

Payday loan provider ACE money Express sometimes appears on San Mateo Boulevard in Albuquerque, N.M. High-interest financing methods are now being targeted by brand brand new regulations that are federal. Vik Jolly/AP hide caption

Payday loan provider ACE money Express is observed on San Mateo Boulevard in Albuquerque, N.M. High-interest financing techniques are increasingly being targeted by brand new regulations that are federal.

The customer Financial Protection Bureau on Thursday is proposing brand new laws to protect consumers from predatory financing methods that the CFPB’s top regulator calls “debt traps.”

Americans are being “create to fail” by payday and lenders that are auto-title Richard Cordray, the manager regarding the customer Financial Protection Bureau, informs NPR.

Customer Financial Protection Bureau Director Richard Cordray (center) listens to reviews during a field hearing on payday financing in Richmond, Va., in might. Leia o resto deste post »