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Texas Fair Lending Alliance worries about rollback of cash advance rule

AUSTIN (Nexstar) — The Consumer Financial Protection Bureau (CFPB) is wanting to roll back a rule that would need payday and car name loan providers check a borrower’s power to repay the mortgage.

“To not glance at the cap cap ability associated with the debtor to settle gives some concern,” Ann Baddour, manager of this Fair Financial Services Project at Texas Appleseed, stated.

The Bureau worries the guideline, planned to get into effect this August, would “reduce usage of credit and competition in states which have determined it is inside their residents’ passions to help you to make use of such services and products, at the mercy of state-law restrictions,” it reported in a launch from the agency’s site. Continue reading