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CFPB Proposes to Relax Cash Advance Regulation

Customer advocates vocals concern about “debt traps.” Alternative methods to borrow funds.

The buyer Financial Protection Bureau today proposed rolling straight right back the provision that is key of Obama-era financing guideline made to protect individuals using short-term, high-interest loans, also referred to as small-dollar or payday advances.

Beneath the proposition (PDF), which amends the 2017 Payday Lending Rule, loan providers will never need certainly to concur that their borrowers have the methods to repay some kinds of loans.

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