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Is payday lending rulemaking finally here?
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Consumer Protection, Legislation, Nonbank Financial
Friday, May 20, 2016
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For more than three years, the Consumer Financial Protection Bureau (CFPB) has been looking into potential rulemaking to provide consumer protections for small-dollar credit loans, including payday loans and vehicle title loans. After announcing a field hearing on the issue the day that it released findings of its fourth report on the industry, it appears the CFPB may finally be prepared to propose a rule. What has the CFPB been looking into since releasing an outline of proposals to a Small Business Review Panel last year? How will the industry and its supporters react? Read on for more.
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