Advocates urge customer bureau to protect and enforce the guideline, protect consumers against payday financing financial obligation trap
WASHINGTON, D.C. – Congressional Review Act (CRA) resolutions—S.J. Res 56 and H.J. Res 122—to repeal the customer Financial Protection Bureau’s (CFPB or customer bureau) payday and car title lending guideline will perhaps not advance in Congress, as his or her legislative clock has expired. The CFPB guideline, finalized in October, establishes fundamental customer defenses on these 300% or maybe more interest loans, like the wise practice standard that loan providers must have to validate a borrower’s capability to repay before generally making the mortgage. Continue reading «Payday Rule Survives Legislative Threat, Remains Intact For The Time Being»