WASHINGTON — The world of short-term financing ended up being shaken up Thursday as one regulator granted a rule breaking straight straight down on pay day loans while another managed to get easier for banking institutions to provide a product that is alternative.
The customer Financial Protection Bureau finalized its long-awaited guideline to rein in short-term, high-interest loans which can be typically due in 2 to one month, needing loan providers to do an ability-to-repay test to make certain borrowers are able such services and products. Continue lendo “As CFPB closes home on payday, OCC starts one for deposit advance”