Managing Payday Advances: Why This Would Result In The CFPB’S Brief List

Managing Payday Advances: Why This Would Result In The CFPB’S Brief List

In reaction into the nation’s biggest challenge that is financial the depression,[1] Congress enacted the Dodd-Frank Wall Street Reform and customer Protection Act (the “Act”),[2] which in change developed the customer Financial Protection Bureau (the “CFPB”). The objective associated with the CFPB would be to make sure that “markets for customer lending options and solutions are reasonable, clear, and competitive.”[3] The Act forbids unjust, misleading, and abusive functions,[4] and charges the CFPB with producing guidelines and enforcement actions against all covered persons that engage in a “unfair, misleading, and act that is abusive practice.”[5] The Act also requires that the CFPB regulate customer disclosures and test customers to observe how those disclosures are working.[6]

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