How to Stop an Automatic Draft by a Payday Lender (or anyone else)
Many lenders like to draft payments directly from your checking account. But if you don't want them to, they can't. Even if you once provided authorization to draft ...
Payday Lenders Targeting Black Pastors & Civil Rights Organizations
Payday lenders are companies that lend customers small amounts of money at high-interest rates with the agreement that the borrower will pay that money back.
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A bipartisan group of House members on Friday introduced a resolution to nullify the CFPB’s payday lending rules. The rules, issued in October, but only published on Nov. 17, would crack down on an industry that critics contend charge exorbitant interest rates and fees—trapping borrowers into a spiral of debt.
The short answer is, “No.” A few clients have told me that they’ve received phone calls from a collection agency, threatening jail time for not repaying payday loans.
Lending Remaking the CFPB? Mulvaney wants to hear from you on how to fix bureau Will ask for public input on all functions of the bureau
In early October, the Consumer Financial Protection Bureau announced it would implement long-awaited new rules aimed at limiting the power of payday and title lenders. The bureau director, Richard Cordray, has been a vocal critic of the nonbank lenders, and the agency has been working on new rules to regulate lenders in this space for several years.