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Payday loan providers make the most of customers in need of assistance

Payday loan providers make the most of customers in need of assistance

The Consumer Financial Protection Bureau (CFPB) recently took an ill-advised and untimely action as COVID-19 continues to wreak havoc throughout the country. On July 7, the agency gutted a unique 2017 payday guideline that needed lenders to first see whether a customer could manage to repay the high-cost loan.

This regulatory reversal represents a monetary opt to payday and car-title loan providers, and particular problems for customers that are just a couple of hundred bucks short due to their month-to-month costs. […]

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