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A first look at the CFPB’s long-awaited payday lending proposal
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Banking, Dodd-Frank Basics, Legislation, Nonbank Financial
Friday, June 3, 2016
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At its June 2 field hearing, the Consumer Financial Protection Bureau unveiled its long-awaited rulemaking proposal on payday, vehicle title and other high-cost installment loans. The proposal would require lenders to assess consumers’ ability to repay loans or follow alternative lending conditions. The proposal also contains data furnishing and recordkeeping requirements. Read on to learn more.
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