Late on Tuesday, the Consumer Financial Protection Bureau (CFPB) announced that it is planning to “reconsider” the Payday Rule, an Obama-era rule that created the first federal restrictions on payday loans. The rule takes aim at predatory practices by payday lenders—companies which give out high-interest loans and disproportionately target low-income borrowers, by requiring them to assess a borrower’s ability to pay back debt—and capping the number of payday loans individuals can obtain. This is one of the first major public moves at the CFPB—the Elizabeth Warren-inspired watchdog agency created in the wake of the financial crisis to keep tabs on big banks—since Trump appointed Mick Mulvaney as the agency’s temporary director.
Trump’s Consumer Agency Announces Plan To Let Predatory Lenders Off The Hook
Hannah Levintova, Mother Jones
Tue, 01/16/2018 - 4:57pm
Topics: consumer financial protection bureau cfpb payday rule obama-era mick mulvaney since november trump keeping white house leandra english mulvaney s south carolina this lauren saunders national consumer law center november tuesday s the bureau cfpb i cfpb mulvaney agency plan predatory lenders loans created rules proposed announcement congressman proposals power people
BING NEWS:
- Kamala Harris Announces Ban on Medical Debt From Appearing on Credit Reports
The change is estimated to raise the credit scores by an average of 20 points and could lead to 22,000 additional mortgages being approved every year, according to the bureau. Vice President Kamala ...
01/6/2025 - 9:53 pm | View Link - CFPB sues Berkshire Hathaway-owned mortgage lender for alleged predatory practices
The CFPB says that Vanderbilt Mortgage & Finance, owned by Berkshire Hathaway, ignored evidence that borrowers couldn't afford loans to buy manufactured homes.
01/6/2025 - 11:12 am | View Link - More
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more