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U.S. regulators considering payday loan changes

To lessen the high interest rates of short-term loans that put consumers in a debt cycle, Federal regulators said recently they are going to impose gaps between loans.

New guidelines will be issued to banks today by Federal Deposit Insurance Corp. and the office of the Comptroller of the Currency similar to early payday lending rules. In a study done by CFPB, they are also considering instigating a mandatory gap in between loans. According to the new rules, banks will now measure the borrowers’ ability to repay the loan, disclose an annual percentage rate for the loan, and wait a billing cycle to ensure the consumer will pay off old loans before getting a new one.

CFPB Director Richard Cordray said consumers are at risk in using short-term loans because it can cause long-term debts.

When facing mounting debt, it can be overwhelming and stressful, especially if you feel you have no options. However, the legal team at Greenway Bankruptcy Law, LLC, can evaluate your situation and help you choose the best option for getting out of debt. Call (205) 324-4000 today to speak with a knowledgeable representative.


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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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