Company Engaged In Improper Debt Collection and Credit Furnishing Practices
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
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
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.
CFPB Supervision Recovers $14 Million in First Half of 2017 for Over 100,000 Consumers Harmed by Illegal Practices
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.
CFPB and State of Virginia Take Action Against Woodbridge Gold & Pawn for Deceiving Consumers About Loan Costs
Pawnbroker to Pay Restitution to Consumers and End Deceptive Disclosures