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Studies question value of anticipated CFPB pay day loan limitations

Studies question value of anticipated CFPB pay day loan limitations

The CFPB’s payday loan rulemaking ended up being the topic of a NY occasions article earlier this Sunday which includes received attention that is considerable. In line with the article, the CFPB will “soon release” its proposition which will be anticipated to consist of an ability-to-repay requirement and restrictions on rollovers.

Two present studies cast doubt that is serious the explanation typically made available from consumer advocates for an ability-to-repay requirement and rollover restrictions—namely, that sustained usage of pay day loans adversely affects borrowers and borrowers are harmed once they don’t repay an online payday loan.