Why the government that is federal keep payday defenses in position.
In November 2017, the customer Financial Protection Bureau (CFPB) issued a guideline needing payday lenders to assess a borrowerвЂ™s capacity to repay prior to making a loan. Then, in the agency reversed course and announced a plan to rescind the core features of the rule february.
The states have regulated small-dollar, high-cost loans primarily through controls on the price of credit and limits on other loan terms for more than a century. (more…)