Customer Protection Bureau Cripples Brand Brand New Rules for Pay Day Loans

Customer Protection Bureau Cripples Brand Brand New Rules for Pay Day Loans

Payday loan providers won an important triumph on Wednesday following the customer Financial Protection Bureau relocated to gut tougher limitations which were to just take effect later this year.

The industry has invested years wanting to fend from the rules that are new that have been conceived through the federal government. The laws had been meant to avoid spiraling debt obligations by restricting the sheer number of consecutive loans that would be made and needing loan providers to validate that borrowers could spend their loans back on time while nevertheless addressing fundamental cost of living. (more…)