The Bureau of Consumer Financial Protection (Bureau) today
issued the following statement on the Payday Rule:
"January 16, 2018 is the effective date of the Bureau of
Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and
Certain High-Cost Installment Loans”"(“Payday Rule”). The Bureau intends
to engage in a rulemaking process so that the Bureau may reconsider the
Payday Rule.
Bureau Alleges That Think Finance Deceived Consumers Into Paying Debts That Were Not Valid
Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans.
Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once
Bureau Supervision Requires Some Companies to Change Practices to Prevent Future Violations
Bureau Orders Zero Parallel and Its Owner to Pay $350,000 and Stop Their Abusive Practices
Bureau Alleges Companies Deceived Consumers About Debt That Was Not Legally Owed
We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016.
Pawnbroker to Pay Restitution to Consumers and End Deceptive Disclosures
Bureau Alleges Four Virginia Pawnbrokers Disclosed Misleading Annual Percentage Rates
