The CFPB??™s report on pay day loan re re payments: establishing the phase for limitations on collection methods?

The CFPB??™s report on pay day loan re re payments: establishing the phase for limitations on collection methods?

The CFPB has given a new report entitled ???Online Payday Loan Payments,??? summarizing information on comes ace cash express loans hours back of ACH payments produced by bank clients to repay certain online pay day loans. The latest report is the 3rd report released by the CFPB in connection with its cash advance rulemaking. (the last reports were given in April 2013 and March 2014.) In prepared remarks regarding the report, CFPB Director Cordray guarantees to ???consider this information further once we continue steadily to prepare brand new laws to deal with problems with small-dollar financing.??? The Bureau shows so it nevertheless expects to issue its long-awaited proposed guideline later on this springtime.Continue reading