CFPB Takes Aim at Cash Advance Debt Traps

For just two years, the cash advance industry has preyed on low-income workers by providing short-term loans with sky-high interest levels and costs. Now the Consumer that is five-year-old Financial Bureau is using the very first major actions to control the sector’s predatory methods.

Beneath the proposed laws announced this week, payday loan providers must be sure that a debtor are able the mortgage and satisfy his / her major obligations and living that is basic.

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