The Consumer Finance Protection Bureau turned five years old last week. Created as a result of the 2008 financial crisis and part of the 2010 Dodd Frank Act for financial reform, it has done some good things such as: Requiring mortgage lenders to ascertain a person’s income and viability to make good on a mortgage…
Tag: payday lending
3 Goals of the CFPB Payday Lending Regulations
Back in March, the Consumer Finance Protection Bureau (CFPB) released an outline of new payday lending regulations that predictably drew criticism from the consumer and lender sides. As written in a recent article in Collections & Credit Risk, the CFPB’s regulations are nearing completion, which will change the landscape on payday lending. Several times throughout the article, the…