Today at a field hearing in Richmond, Virginia, the Consumer Financial Protection Bureau announced that it is publishing an outline of proposals under consideration that would end “payday debt traps” by requiring lenders to take steps to make sure consumers can repay their loans. The strong consumer protections being considered would apply to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans. As a first step in its effort to reform the markets for these products, the Bureau plans to convene a panel of small business to elicit feedback on the proposals. In addition to consulting with this “Small Business Review Panel,” the Bureau will continue to seek input from a wide range of stakeholders before continuing with the process of a rulemaking.
The Consumer Financial Protection Bureau wields significant power in the regulation of financial products and have been active in instituting several rules, as well as battling unfair business practices.
For more information, please see the press release below. You can also find a factsheet summarizing the proposals under consideration at http://files.consumerfinance.gov/f/201503_cfpb-proposal-under-consideration.pdf and outlining the Small Business Review Panel process at http://files.consumerfinance.gov/f/201503_cfpb_factsheet-small-business-review-panel-process.pdf
To file a consumer complaint, visit: cfpb.gov
If you feel overwhelmed with high interest debt, please contact CCCSOK.org for assistance in building a repayment plan that works for your budget.