Lawyers’ Committee for Civil Rights Under Law Submits touch upon CFPB’s Notice of Proposed Rulemaking To Roll Back pay day loan Rule

Lawyers’ Committee for Civil Rights Under Law Submits touch upon CFPB’s Notice of Proposed Rulemaking To Roll Back pay day loan Rule

Washington, D.C. – Today, the Lawyers’ Committee for Civil Rights Under Law presented a discuss the customer Financial Protection Bureau’s Notice of Proposed Rulemaking (NPRM) to move straight back the 2017 pay day loan Rule, which regulates loans that are payday automobile name loans, along with other kinds of high priced loans targeted at low-income communities of color with dismal credit. The Lawyers’ Committee additionally published a study analyzing the financial effect of the loans, finding targeting that is disproportionate and problems for these communities.

The buyer Financial Protection Bureau (CFPB) enacted the cash advance Rule in October 2017 after many years of outreach, research, and overview of over a million general public reviews from customer advocates, payday lenders, state regulators, as well as others. Continue reading