QUESTION?

Use the form on this page to contact us.

We respect your privacy and will not share your information with third parties. You may call us at (516) 522-0677 if you would prefer to communicate over the phone, or to schedule a free confidential in-person consultation.

405 RXR Plaza
Uniondale, NY 11553

(516) 522-0677

publications-5.jpg

Consumer Protection Publications

Filtering by Tag: Pay Day Loans

CFPB Proposes New Rules For Payday Loans

Charles Pascal Cohen

Pay day is not as sweet when the thought of paying many times what you borrowed looms over your head.

Last week, the Bureau of Consumer Financial Protection (CFPB), wielding its rulemaking power, set in motion a plan to regulate payday loans.[1]

Concerned with the payday industry’s repeat short-term lending, penalty fees, and high default rates, the CFPB has proposed a new rule for the $38.5 billion industry that “would require lenders to determine whether borrowers can afford to pay back their loans. The proposed rule would also cut off repeated debit attempts that rack up fees and make it harder for consumers to get out of debt.”[2] The proposed rule addresses the fundamental drawback of loan rollovers trapping borrowers in a cycle of debt.

Read More