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  • December 11, 2020
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As customer team proposes pay day loan reform, advocates weigh in

As customer team proposes pay day loan reform, advocates weigh in The buyer Financial Protection Bureau held a hearing Thursday in Kansas City to talk about the loan that is payday, and bureau manager Richard Cordray announced proposed reforms made to protect customers from loans which he said become “debt traps.” While Cordray’s agency does not have the authority to ascertain usury caps on these loans, he stated it offers authority “to tidy up unjust, misleading, or abusive methods.” “Something has to change,” Cordray said. He stated that in the last few years their company has held industry hearings and...
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