CFPB Applies 'Ability-To-Repay' Standard To Payday Loans
Law360, New York (October 5, 2017, 12:46 PM EDT) -- The Consumer Financial Protection Bureau on Thursday rolled out first-of-their-kind rules for the payday lending market, mandating that lenders conduct a “full-payment test” to determine whether borrowers can afford a loan before issuing one.
The rules, which had been hotly anticipated by consumer advocates and the industry and under development for five years, apply an ability-to-repay test to all payday loans with a 45-day repayment term as well as vehicle title loans with 30-day terms and other small-dollar loans. Lenders can get out from under the test and give borrowers two extensions to repay the loans if they provide a principal...
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