CFPB Finalizes Rule To Quit Payday Debt Traps

CFPB Finalizes Rule To Quit Payday Debt Traps

Lenders Must Determine If Consumers Have the capacity to Repay Loans That Require All or the majority of the financial obligation become Paid right back at the same time

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule this is certainly targeted at stopping debt that is payday by needing lenders to ascertain upfront whether people can afford to repay their loans.