The Bureau worries the guideline, planned to get into impact this August, would “reduce use of credit and competition in states which have determined it stated in a release on the agency’s website that it is in their residents’ interests to be able to use such products, subject to state-law limitations.
Baddour said it might trigger negative impacts on Texans who borrow and stated their state does not provide protection that is much borrowers either. (more…)