The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.
South Dakota voters approved an initiated measure aimed at capping interest rates on short-term loans in the state. Included in the cap are all charges for ancillary products and any other fees included in the extension of credit.
The Consumer Financial Protection Bureau’s small-dollar lending rule would neither adequately protect borrowers, nor address the risks created by the shift toward installment credit in the payday and auto title lending market, an analysis by Pew Charitable Trusts concludes.
A report form the CFPB found that about 20% of auto title loan borrowers end up having their car or truck seized by the lender for failing to repay their debt. Eighty percent fall into a debt trap, with more than 66% having to take out seven or more consecutive loans to fully repay their debt.
Republicans were expected to lash out at the CFPB during its semi-annual report to Congress, but there were a few unexpected critics from the other side of the aisle as well.
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