Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once
WASHINGTON, D.C. —(ENEWSPF)—October 5, 2017
Authored by: Consumer Financial Protection Bureau (CFPB)
The Consumer Financial Protection Bureau (CFPB) today finalized a rule that is aimed at stopping payday debt traps by requiring lenders to determine upfront whether people can afford to repay their loans. These strong, common-sense protections…
