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Without a doubt about CFPB Finalizes Payday Lending Rule

Without a doubt about CFPB Finalizes Payday Lending Rule

the CFPB finalized its long-awaited guideline on payday, automobile name, and particular high-cost installment loans, commonly described as the “payday financing guideline.” The final guideline places ability-to-repay needs on loan providers making covered short-term loans and covered longer-term balloon-payment loans. The last guideline additionally limits efforts by lenders to withdraw funds from borrowers’ checking, cost savings, and prepaid records utilizing a “leveraged payment device. for many covered loans, as well as for specific longer-term installment loans”

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