WASHINGTON — The world of short-term financing ended up being shaken up Thursday as one regulator given a rule breaking straight straight down on pay day loans while another managed to make it easier for banking institutions to provide a alternative item.
The customer Financial Protection Bureau finalized its long-awaited guideline to rein in short-term, high-interest loans which are typically due in 2 to one month, needing loan providers to do an ability-to-repay test to make sure borrowers are able to afford such services and products. متابعة قراءة As CFPB closes home on payday, OCC starts one for deposit advance