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Pay Day Loans Under Assault: The CFPB’s Unique Guideline Could Considerably Affect High-Cost, Short-Term Lending

Pay Day Loans Under Assault: The CFPB’s Unique Guideline Could Considerably Affect High-Cost, Short-Term Lending

On June 2, 2016, the customer Financial security Bureau (“CFPB” or “Bureau”) proposed a rule that is new their authority to supervise and control particular payday, car name, along with other high-cost installment loans (the “Proposed guideline” or the “Rule”).