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Customer Bureau Scraps Restrictions on Payday Advances

Customer Bureau Scraps Restrictions on Payday Advances

Loan providers spent years fighting planned new guidelines which they said would gut a short-term financing market that often departs borrowers caught with debt.

  • 7, 2020 july
  • The buyer Financial Protection Bureau on Tuesday formally rescinded a strategy to impose new limitations on payday financing, handing the industry a major success by killing down tighter rules so it invested years lobbying to overturn.

    The proposed guidelines will have been the initial significant federal laws on a market that produces $30 billion per year in high-interest, short-term loans, frequently to currently struggling borrowers. (more…)