CFPB Payday Rule Survives Legislative Threat, Keeps Intact For The Time Being

CFPB Payday Rule Survives Legislative Threat, Keeps Intact For The Time Being

“This historic victory could be the culmination of years of work by customer advocates. Thousands and thousands of customers in Illinois have actually looked to payday advances, but our rules don’t protect them from getting caught in a debt trap – a period of perform borrowing that runs far beyond a payday that is single” said Brent Adams, Senior Vice President of Policy and correspondence for Woodstock Institute. Adams penned the State’s first cash advance legislation in 2005, and regulated the industry as Secretary of Financial and Professional Regulation from 2009-2012. Adams continued to express, “These brand brand new defenses will demand payday loan providers doing whatever they needs to have been doing all along – determining if the debtor can in fact manage to spend the loan back without forgoing fundamental cost of living like lease, meals, and electricity. Read more