CFPB Proposal Could Shut Off Bank Payday Loan Alternative
Law360, New York (June 2, 2016, 8:57 PM EDT) -- The Consumer Financial Protection Bureau's proposed restrictions for the payday loan market are likely to bring about significant changes to the way those loans are underwritten, but worries have arisen that the proposal shuts off banks from offering a potentially safer alternative.
The more than 1,300-page proposal unveiled Thursday would require payday, auto title and other lenders to confirm a borrower's ability to repay a loan and would restrict the number of times that borrowers could renew the small-dollar loans. It's all part of the CFPB's campaign to keep people from being caught in what the bureau and consumer advocates call...
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