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Overview

Customer advocates decry lack of enforcement actions and reopening of pay day loan regulation by customer watchdog agency led by Trump appointee.

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Borrower beware: Federal defenses from high-cost loans are increasingly being rolled right right back as part of a broad deregulation push, prompting an outcry from customer advocates plus some policymakers.

“This is a modern-day kind of slavery,” U.S. Rep. Don Beyer (D-Va.) stated during a loan that is anti-payday and news seminar March 29 in Washington, D.C. “Their intent is to trap people and families into a period of financial obligation from where they are able to never ever recover.”

Advocates of short-term, small-dollar loans state the fast credit is really a boon for folks who face a short-term monetary crunch. Continuer la lecture de « CFPB rollback of cash advance protection attracts critique »