Latest Breaking News On - Certain high cost installment loans rule - Page 1 : comparemela.com

To embed, copy and paste the code into your website or blog: With the change of administration in Washington, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) is widely expected to assume a posture of aggressive enforcement of consumer protection laws. One area that we anticipate will receive heightened scrutiny is payday lending, a form of lending that typically involves small, short-term loans at high interest rates. Under new leadership, the CFPB may seek to require that payday lenders assess a borrower’s ability to pay. And even absent such a requirement, the CFPB may pursue enforcement actions against lenders for lending that the CFPB considers “predatory” and/or “unfair,” and therefore putatively in violation of the Consumer Financial Protection Act of 2010 (“CFPA”).

United statesDistrict of columbiaRobert schmidt jesseSherrod brownElizabeth warrenEmily stewartJon hillBloomberg decKathy kraningerGreg iacurciRichard cordrayBureau deputyTask force calls for fintech licensingSeila lawBiden administrationUs district court