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Small-dollar loans. CFPB stops direction of Military Lending Act (MLA) creditors

Wednesday, August 26th, 2020

Small-dollar loans. CFPB stops direction of Military Lending Act (MLA) creditors

In February 2019, the CFPB circulated the highly expected revamp of their Payday Rule, reinforcing its more attitude that is lenient payday lenders. In light of this Bureau’s softer touch, in addition to comparable developments at the banking agencies, we anticipate states to move in to the void and just simply take further action to curtail payday financing during the state degree. (more…)