CFPB Proposes New Payday Lending Rules
Finally someone is doing something about
these over abusive companies that take advantage of people. Many people especially students at one point
need a “helping hand” and many times payday loans are the only options. Little does the consumer know the nightmare
that they are about to embark on.
The Consumer Finance Protection Bureau will
consider new rules covering payday loans, Richard Cordray said Thursday in a
statement. The proposal also covers car title loans and other high-interest,
short-term loans. If you don’t already
know these companies violate so many FCRA regulations it’s not even funny.
Cordray stated that
in many cases, "no attempt is made to determine whether the consumer will
be able to pay back the ensuing payments -- only that the payments are likely
to be collected." And when the loan is due, he mentioned, "the lender
can trump the consumer’s own discretionary choices about budgeting and
spending." In other words, people who borrowed money because they couldn't
make ends meet are forced to repay those loans instead of making ends meet.
In response, the
CFBP is proposing two-tracked regulation: protection and prevention. Lenders
will be able to choose which system they participate in. The prevention
guidlines, Cordray said, would require lenders to make "reasonable
determination that the consumer could repay the loan when it comes due without
defaulting or re-borrowing." All fees, not just interest paid, would have
to be taken into consideration when evaluating if a borrower can actually afford
the loan payment, along with other living expenses. These rules, which Cordray
referred to as "basic underwriting," would apply at the moment a
person borrows money. Under the protection rules, a consumer who took out three
loans quickly would have to wait through a 60-day "cooling off
period" before taking out another loan.
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