PYMNTS

OCTOBER 6, 2017

With each renewed loan, the consumer pays more fees or interest on the same debt. Payday lending is often associated with extremely low-income borrowers, but that is a misconception: Low-income, unbanked consumers don’t take out payday loans for the simple reason that most of them can’t. The consequences are severe.”. So Now What?

CFPB 51

CFPB Regs Rules Credit Union 51

PYMNTS

OCTOBER 11, 2017

Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. As one might expect after such a long and intense build-up, the reactions were also fairly intense from both sides. million comments submitted.

Rules 43

Rules CFPB NCUA Credit Union 43

PYMNTS

OCTOBER 6, 2017

With each renewed loan, the consumer pays more fees or interest on the same debt. Consumers and lenders can avoid the more complicated underwriting rules if the loan is less than $500 – and if it is restructured as an installment loan to get out of debt more gradually, such as allowing for payments to go directly to principal.

Rules 40

Rules CFPB Credit Union Regulations 40