CFPB Payday Lending Rules 2.0 — What’s Next
PYMNTS
FEBRUARY 7, 2019
While there were many provisions to the payday lending rules as originally passed, the one that caused the greatest controversy was the “ability to repay” provision that would have required short-term lenders to establish a borrower’s ability to repay before offering them a small-dollar, short-term lending product.
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