CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Needs

CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Needs

The customer Financial Protection Bureau (“CFPB”) the other day announced long-awaited proposed rules governing pay day loans along with other high-cost credit services and products, including that lenders has to take actions to make certain potential borrowers are able to repay them. 1 The proposed guidelines, which will connect with both physical and online banking institutions, credit unions, along with other lenders regardless how they’ve been certified under state legislation, will be the latest work by the CFPB to work out its authority under the Dodd-Frank Wall Street Reform and customer Protection Act (“Dodd-Frank”). 2 If authorized, they might impose compliance that is new recordkeeping obligations on loan providers offering specific kinds of short- and longer-term loans to consumers. Continuer la lecture de « CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Needs »