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Tag Archives Payday Lending the customer Financial Protection Bureau’s report that is latest on payday financing

Tag Archives Payday Lending the customer Financial Protection Bureau’s report that is latest on payday financing

AFR within the News: Liberal Groups straight straight right Back ‘Operation Choke Point’

In CQ, reporter Ben Weyl quotes from the joint AFR/CFA/NCLC letter to Senators: “Fighting re re payment fraudulence shouldn’t be controversial. Everybody advantages from efforts to avoid activity that is illegal depends on the re re re payment system.” As Weyl continues on to see, “Conservative activists and GOP lawmakers have actually accused the federal government of pursuing law-abiding companies that cross the management’s agenda, including weapon vendors.” However the known investigations established in the title of process Choke Point have got all been directed at out-and-out-fraud.

AFR Calls for Strong Guidelines on Payday Lending

The buyer Financial Protection Bureau’s report that is latest on payday financing reaffirms just just just what the Bureau’s initial research revealed last year: these ultra-high-cost loans, while promoted as a type of crisis credit, regularly result in a period of financial obligation. Even with spending significant costs, numerous borrowers wind up “owing as much or even more to their extremely loan that is last the complete quantity they’d lent initially,” CFPB Director Richard Cordray stated.