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Posted On February 12, 2021 In Investigation With 14 Views

Federal regulator clamps down on payday financing industry

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Federal regulator clamps down on payday financing industry

NYC — Payday and car name loan providers will need to stick to stricter rules that may dramatically curtail their company under guidelines finalized Thursday by a federal regulator. However the very first nationwide legislation associated with the industry continues to be expected to face opposition from Congress.

The customer Financial Protection Bureau’s rules mainly mirror just what the agency proposed final 12 months for a market where in fact the annual interest on a quick payday loan is 300 % or maybe more. (more…)

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