The Consumer Financial Protection Bureau (CFPB) released a proposed rule on June 2 that would regulate unethical and predatory payday lending practices. This rule requires all lenders to consider their customer’s “ability to repay” before issuing high-interest, short term loans, sometimes with interest rates exceeding 300%.
The CFPB is asking for comments on their proposed rule. Submitting comments is very important to the process, not only to provide key feedback on the content of the rule, but also to encourage swift its implementation.
Make your voice heard and submit a comment here!