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Today, the Consumer Financial Protection Bureau (CFPB) marked the beginning of big changes for the payday lending market. CFPB released an outline of a proposed rule that would apply to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment and open-end loans. This rule aims to require lenders to evaluate borrowers’ ability to repay a loan, and it applies this critical principle to a broad range of small-dollar loans.
Let the CFPB know that you are encouraged by its proposed changes to the payday lending market!