CFPB's Payday Lending Study Signals Coming Crackdown

Law360, New York (April 24, 2013, 7:02 PM EDT) -- A Wednesday report from the Consumer Financial Protection Bureau critical of payday lending was the first salvo in what is likely to be a concerted effort among federal regulators to impose tight restrictions on the lucrative payday lending market for banks and nonbanks alike, experts say.

While the report on payday lending and the rough equivalent offered by several banks, deposit advance lending, does not identify any specific rules the bureau may adopt, the CFPB said it would use facts it uncovers about the industry to...
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