Functioning CFPB manager Dave Uejio – designated of the Biden government to guide the department after Kathy Kraninger’s resignation – provided their more forceful remarks to date on the 2020 tip, which eliminated underwriting needs for small-dollar loan providers.
Uejio stated in a post the bureau’s brand new authority supports the a€?ability-to-repaya€? standards, at first created in an earlier 2017 rule which was unwound by Kraninger, signaling the department will reinstate them.
a€?The CFPB is really aware of customers harms inside the little dollar lending markets, and is particularly concerned with any lender’s business design that’s determined by consumers’ failure to repay their own financing,a€? Continue reading “CFPB positioned to reinstate tough position on payday loan providers”