CFPB Problems Final Payday and Installment Loan Rule

CFPB Problems Final Payday and Installment Loan Rule

The buyer Financial Protection Bureau (the “CFPB” or even the “Bureau”) released their Payday, car Title and Certain High price Installment Loans Rule (the “Final Rule”) on October 5, 2017. Although the last Rule is mainly directed at the payday and car name loan industry, it will affect installment that is traditional whom make loans with a finance cost more than thirty-six per cent (36%) that use a “leveraged re re payment apparatus” (“LPM”). This Client Alert will offer a quick summary of the Final Rule’s key conditions, including:

EXECUTIVE SUMMARY

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