Payday Lending Rules Rolled Back?
CONSUMER FINANCIAL PROTECTION BUREAU MOVES TO ROLL BACK PAYDAY LENDING RULE
Augusta, GA (WJBF) – A federal financial watchdog is moving to roll back parts of a payday lending rule.
Payday loans offer small amounts of cash and usually needs to be paid back in full when the borrower receives their next paycheck.
The Consumer Financial Protection Bureau has proposed rescinding an underwriting requirement, that forces lenders to determine whether a customer is able to pay back loans.
The Consumer Bureau said in a statement Wednesday, it was concerned the underwriting requirement would make it too hard for consumers to access credit.
The bureau also proposed to push back the date lenders must comply with the rule, from this August to November 2020.