Texas Fair Lending Alliance worries about rollback of cash advance guideline

Texas Fair Lending Alliance worries about rollback of cash advance guideline

AUSTIN (Nexstar) — The Consumer Financial Protection Bureau is wanting to roll a rule back that would need payday and auto name loan providers check a debtor’s capacity to repay the mortgage.

“To maybe maybe maybe not glance at the cap cap ability of this debtor to settle gives some concern,” Ann Baddour, manager regarding the Fair Financial Services Project at Texas Appleseed, stated.

The Bureau worries the guideline, planned to get into impact this August, would “reduce use of credit and competition in states which have determined it stated in a release on the agency’s website that it is in their residents’ interests to be able to use such products, subject to state-law limitations. Read more…