CFPB gets unprecedented amount of opinions on payday, title and high-cost installment loan proposition

CFPB gets unprecedented amount of opinions on payday, title and high-cost installment loan proposition

The remark duration for the CFPB’s proposed guideline on Payday, Title and High-Cost Installment Loans finished Friday, October 7, 2016.

The CFPB has its own work cut fully out it has received for it in analyzing and responding to the comments.

We now have submitted responses on the part of a few consumers, including reviews arguing that: (1) the 36% all-in APR “rate trigger” for defining covered longer-term loans functions as an usury that is unlawful; (2) numerous provisions of this proposed guideline are unduly restrictive; and (3) the protection exemption for several purchase-money loans ought to be expanded to pay for short term loans and loans funding sales of solutions. Along with our remarks and people of other industry people opposing the proposition, borrowers at risk of losing usage of covered loans submitted over 1,000,000 mostly individualized remarks opposing the limitations for the proposed rule and folks in opposition to covered loans submitted 400,000 reviews. In terms of we realize, this known standard of commentary is unprecedented. […]