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Federal regulators prepare cash advance guidelines to safeguard borrowers

Federal regulators prepare cash advance guidelines to safeguard borrowers

WASHINGTON — Troubled by customer complaints and loopholes in state legislation, federal regulators are assembling the first-ever guidelines on payday advances targeted at assisting cash-strapped borrowers avoid dropping right into a period of high-rate financial obligation.

The customer Financial Protection Bureau claims state laws and regulations regulating the $46 billion lending that is payday often are unsuccessful, and that fuller disclosures associated with the interest and charges – usually a yearly portion price of 300 per cent or maybe more – may be required. […]

By |February 1st, 2021|Delaware Payday Loans|0 Comments
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