Monthly Archives: February 2019

Three Questions: Professor Paul Goldsmith-Pinkham on Payday Loans and Consumer Protection

What role do payday lenders play in the financial lives of low-income Americans? Payday lenders extend credit by holding customers’ personal checks for a few weeks and providing cash in the absence of other traditional sources of credit (eg, credit cards). Research suggests that consumers who find it particularly difficult …

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Consumer Protection Bureau cripples new rules for payday loans

Payday lenders scored a major victory on Wednesday after the Consumer Financial Protection Bureau decided to scrap tougher restrictions that were due to take effect later this year. The industry has spent years trying to push back against the new rules, which were crafted under the Obama administration. The regulations …

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CFPB to cancel payday loan protections

The Consumer Financial Protection Bureau has announced plans to rescind its payday loan rule designed to protect consumers from short-term, high-interest loans. The proposed changes would be one of the first major political implementations of new director Kathy Kraninger. Created in 2018, the Payday loan rule aimed at protecting consumers …

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