The CFPB’s car name loan report: final action to a payday?

The CFPB has released a brand new report entitled “Single-Payment car Title Lending, ” summarizing data on single-payment automobile name loans. The newest report is the fourth report granted by the CFPB associated with its expected rulemaking handling single-payment payday and automobile name loans, deposit advance services and products, and specific “high price” installment and open-end loans. The last reports had been released in April 2013 (features and use of payday and deposit advance loans), March 2014 (pay day loan sequences and use), and April 2016 (use of ACH re payments to repay payday loans online).

In March 2015, the CFPB outlined the proposals then into consideration and, in April 2015, convened click tids a SBREFA panel to review its contemplated rule. Since the contemplated guideline addressed name loans nevertheless the past reports would not, the brand new report seems built to provide you with the empirical information that the CFPB thinks it requires to justify the restrictions on car name loans it promises to use in its proposed rule.

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