Consumer Financial Protection Bureau Proposes Rule to End Payday Debt Traps

Orrick - Finance 20/20
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On June 2, 2016, the Consumer Financial Protection Bureau (the “CFPB”) announced a proposed rule that would substantially change the rules governing “payday loans, auto title loans, deposit advance products, and certain high-cost installment and open-end loans.”  The CFPB also indicated it would investigate whether additional products and protections should be covered.  Press release.

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