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CFPB Considers Proposal to End Payday Financial Obligation Traps

CFPB Considers Proposal to End Payday Financial Obligation Traps

Proposal Would Cover Pay Day Loans, Vehicle Title Loans, and Certain High-Cost Installment and Open-End Loans

WASHINGTON, D.C. — Today the buyer Financial Protection Bureau (CFPB) announced it really is considering proposing guidelines that would end payday debt traps by needing loan providers to make a plan to ensure customers can repay their loans. The proposals into consideration would additionally restrict loan providers from wanting to gather re payment from consumers’ bank reports in many ways that tend to rack up fees that are excessive. The strong customer protections being considered would apply to payday advances, automobile name loans, deposit advance items, and particular high-cost installment loans and open-end loans.