June 3, 2016
On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a statement regarding proposed new rules aimed at the payday lending industry. The proposed rules seek to protect consumers from what the CFPB refers to as “payday debt traps” and may impose stricter requirements on such payday lenders. The CFPB is soliciting comments on the proposed payday lending rules, which must be received by the CFPB no later than September 14, 2016.
What are the Proposed New Payday Lending Rules?