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Expert Analysis

OPINION: CFPB Payday Loan Rule Ignores Existing Research

Law360, New York (September 22, 2016, 1:47 PM EDT) -- On June 2, the Consumer Financial Protection Bureau proposed to establish a new set of regulations covering payday, vehicle title and certain high-cost installment loans.[1] The CFPB calls these "debt traps:" repeat or protracted borrowing occasioned, in the CFPB's justification for the notice of proposed rulemaking (NPRM), primarily by the borrower's putative inability to repay, often related to the borrower's own misjudgment of his repayment prospects....

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