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CFPB RELEASES PROPOSAL TO ELIMINATE PAYDAY DEBT TRAPS

As promised in the 2016 spring semi-annual agenda, the CFPB released today its proposal to end payday debt traps for consumers.  The proposed protections will cover those products that have developed a stigma of being harmful to consumers, including payday loans, auto-title loans, deposit advance products, and certain high-cost installment and open-end products.  While these may not be common products utilized in your financial institution, there may be a loan or two lurking on your […]

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