Payday lending has always had a place in financial services as they do offer credit to those who are shut...
Recent research suggests that payday lenders are marketing directly to consumers who are seeking financial help due to the pandemic;...
In 2017 the CFPB saw a ton of regulation and a battle for the successor to former director Richard Cordray; this coming year could be even more tumultuous as acting director Mick Mulvaney looks to undo many of the regulations Cordray put in place and the ensuing court battle over who is the rightful director; recent rule like the arbitration rule have been reversed and they payday lending regulation could be next to go; with a number of regulations in need or more clarity or a court decision the next 12 months could prove crucial for the future of the agency. Source.
News of CFPB Director Cordray’s departure could see regulations on payday lenders lessened; one of Director Corday’s main missions was to crack down on predatory lenders; Director Cordray plans to leave at the end of the months and no long term successor has been chosen yet. Source.
On October 5, 2017 the Consumer Financial Protection Bureau announced a new rule aimed to protect consumers against payday loan...
Small dollar loans can be quite profitable. Just look at the number of payday loan stores in the US, there...
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