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brand New U.S. guideline on pay day loans to harm industry, boost banks: agency

Donnerstag, Januar 23rd, 2020

brand New U.S. guideline on pay day loans to harm industry, boost banks: agency

WASHINGTON (Reuters) – profits when it comes to $6 billion cash advance industry will shrivel under a unique U.S. guideline limiting loan providers’ ability to benefit from high-interest, short-term loans, and far of this company could relocate to tiny banking institutions, in line with the country’s customer watchdog that is financial.

The customer Financial Protection Bureau (CFPB) released a regulation on Thursday needing loan providers to see whether borrowers can repay their debts and capping the sheer number of loans loan providers will make to a debtor. (mehr …)