CFPB Considers Stronger Consumer Protections for Payday Loans and Similar Debt

Orrick - Finance 20/20
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On March 26, the CFPB announced that it is considering stronger consumer protections relating to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans. The proposals under consideration would require lenders to take steps to make sure consumers can repay their loans and would also restrict lenders from attempting to collect payment from consumers’ bank accounts in ways that tend to rack up excessive fees. Release. Fact Sheet.

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