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Car Title Loans, Payday Advances, and Other Short-Term Loans: CFPB’s Proposed Regulatory Framework

Car Title Loans, Payday Advances, and Other Short-Term Loans: CFPB’s Proposed Regulatory Framework

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Client Alert: Financial Solutions Group

On March 26, 2015, the buyer Financial Protection Bureau (CFPB) floated proposals for comprehensive federal legislation of a number of short- and longer-term customer loans, including vehicle name loans, pay day loans, deposit advance services and products, and particular high-cost installment and open-end loans. (We refer herein to your number of proposals whilst the “Proposal” also to the loans as “covered loans.”) A CFPB industry hearing in Richmond, Virginia, in the exact same time elicited some really initial general public responses. During the exact same time, President Obama underscored the value associated with the Proposal in a message in Birmingham, Alabama.