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Mayday for Payday? Tall Price Installment Loans

The buyer Financial Protection Bureau (CFPB) today proposed guidelines (Payday, car Title, and Certain High-Cost Installment Loans) pursuant to its authority under 12 U.S.C. §§1022, 1024, 1031, and 1032 (Dodd-Frank) which will seriously limit what exactly is generally speaking called the “payday financing” industry (Proposed guidelines).

The Proposed Rules merit careful review by all economic solutions providers; as well as real “payday lenders,” they create substantial danger for banking institutions as well as other conventional banking institutions offering short-term or high-interest loan products—and danger making such credit efficiently unavailable available on the market. Continue reading