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The CFPB finalized its long-awaited guideline on payday, automobile name, and particular high-cost installment loans

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Advancements within the Financial Solutions Industry

CFPB Finalizes Payday Lending Rule

The CFPB finalized its long-awaited guideline on payday, vehicle title, and particular high-cost installment loans, frequently described as the “payday financing guideline.” The rule that is final ability-to-repay needs on loan providers making covered temporary financial loans and covered longer-term balloon-payment loans. The last guideline additionally restricts efforts by lenders to withdraw funds from borrowers’ examining, cost savings, and prepaid records employing a “leveraged payment procedure.