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CFPB gets unprecedented degree of remarks on payday, title and high-cost installment loan proposition

CFPB gets unprecedented degree of remarks on payday, title and high-cost installment loan proposition

The remark duration for the CFPB’s proposed guideline on Payday, Title and High-Cost Installment Loans finished Friday, October 7, 2016.

The CFPB has its work cut right out it has received for it in analyzing and responding to the comments.

We’ve submitted commentary on behalf of a few consumers, including reviews arguing that: (1) the 36% all-in APR “rate trigger” for defining covered longer-term loans functions as an usury that is unlawful; (2) numerous provisions regarding the proposed rule are unduly restrictive; and (3) the protection exemption for several purchase-money loans ought to be expanded to pay for short term loans and loans funding product sales of services. Along with our remarks and people of other industry users opposing the proposal, borrowers at risk of losing usage of covered loans submitted over 1,000,000 mostly individualized responses opposing the limitations associated with proposed guideline and folks in opposition to covered loans submitted 400,000 commentary. In terms of we all know, this amount of commentary is unprecedented. It’s confusing the way the CFPB will handle the entire process of reviewing, analyzing and giving an answer to the commentary, what means the CFPB brings to keep in the task or the length of time it shall just take. Read more…

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