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No Photos 4th Apr 2015
Feds To Write New Rules For Payday Loans: WSJ

My Thoughts About This Article: Yes payday loans could possibly be "poor" but in reality this is actually the choice that is only for most of US have. So can you have them spend an outrageous rate of interest or fairly the client get without heat for your week? From a legislative viewpoint they're having no issue although for me it's a call that is challenging. Lawmakers are trying to crack-down on payday lenders. target="_hplink" - - NEW YORK, Jan 4 (Reuters) - A U.S. regulator focused on consumer protection is planning the first federal regulations ever for lenders that make small loans to borrowers seeking cash before their next pay day, The Wall Street Journal reported on Sunday.The Consumer Financial Protection Bureau will convene a panel of small lenders early this year to discuss possible rules for payday loans designed to make them easier to repay, the report said.Consumer advocates say the loans, which can carry annualized interest rates of more than 500 percent, can trap primarily low-income borrowers in a cycle of mounting debt. They are concerned in particular about online lenders, which they say sometimes skirt state laws for payday loans.Until now, payday lenders have been regulated by states rather than by the federal government, but the CFPB and the Federal Trade Commission have both sued payday lenders for abusive practices.The CFPB also ordered payday lender ACE Cash Express in July to pay $10 million to settle accusations that it had used unfair debt collection practices such as threatening to sue borrowers to pressure them into taking out new loans.(Reporting by Emily Flitter; Editing by Leslie Adler)' - - Closing Thoughts:As you can see the news source above says regulators are ready to crack the whip on payday loan lenders. I'm wondering what you're thoughts are on this?

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