Indian bank

CFPB closes many payday loans – where will consumers go next?

The Consumer Financial Protection Bureau released a final version of its rules for payday loans on Thursday. “CFPB’s new rule puts an end to the payday debt traps that have plagued communities across the country,” said CFPB Director Richard Cordray. “Too often, borrowers who need money fast find themselves trapped in loans they can’t afford.” […]

Indian bank

New rule asks if borrowers can afford payday loans

Feds crack down on payday loan ‘debt trap’ Federal regulators are proposing a major crackdown on payday lenders and other high-interest loan providers, saying borrowers must be protected from practices that end up turning into “debt traps” for many. Yet some consumer advocates Lenders offering payday loans and other small advances to cash-strapped consumers must […]