CFPB Sets Sights On Payday Lending 'Cycle Of Debt'
Law360, New York (March 25, 2014, 7:27 PM EDT) -- With the Consumer Financial Protection Bureau closing in on new rules for the payday lending industry, consumer advocates and industry attorneys predict the bureau is likely to force payday lenders to verify consumers have the ability to repay those loans just as mortgage lenders and others must do.
In conjunction with a report released Tuesday highlighting how some payday loan borrowers can get trapped in a "cycle of debt," CFPB Director Richard Cordray said that the bureau was moving closer to finalizing rules for such small-dollar, short-term loans. Those rules will be intended to help consumers “manage to repay” payday loans...
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