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CFPB builds case for payday loan reform
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Consumer Protection
Tuesday, March 25, 2014
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The Consumer Financial Protection Bureau is in the late stages of considering how it will craft rules to reform the payday lending market, according to Richard Cordray, the agency’s director. Cordray laid out the bureau’s case for regulatory action during a March 25 payday lending field hearing in Nashville, Tenn. According to Cordray, new bureau research appears to show that the payday lending business model “depends on people becoming stuck in these loans for the long term.” Read on for the details.
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