New payday lending rules could leave 12 million Americans 'exposed to unaffordable payments.' (via CNBCMakeIt)
issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.released a new, multi-part payday loan regulation in 2017
But the Trump administration blocked those rules from going into effect and called for a review. On Tuesday, the CFPB — under new leadership — released a finalized rule that doesn't require lenders to check that borrowers can afford to pay. The CFPB did keep in place restrictions that bar payday lenders from repeatedly trying to directly withdraw payments from a person's bank account. Some payday lenders attempt to recover their money by taking what they're owed directly from borrowers' checking accounts, which borrowers grant access to as a condition of the loan. But unexpected withdrawals from the lender can rack up pricey overdraft fees and damage credit scores.
Among Americans who report losing income, 3% of survey respondents say they've had to borrow money using a payday loan, deposit advance or pawn shop loan.
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