Consumer Finance Monitor
CFPB, Federal Agencies, State Agencies, and Attorneys General
The remark duration for the CFPBвЂ™s proposed guideline on Payday, Title and High-Cost Installment Loans finished Friday, October 7, 2016. The CFPB has its work cut fully out it has received for it in analyzing and responding to the comments.
We now have submitted responses with respect to a few customers, including comments arguing that: (1) the 36% all-in APR вЂњrate triggerвЂќ for defining covered longer-term loans functions being an usury that is unlawful; (2) numerous provisions regarding the proposed guideline are unduly restrictive; and (3) the protection exemption for several purchase-money loans ought to be expanded to pay for short term loans and loans funding product product sales of solutions.