Consumer Financial Protection Bureau seeks to require lenders to check if people can afford to repay as critics accuse agency of ignoring credit needs of poorThe US government announced plans on Thursday to regulate the controversial $38.5bn payday loan industry. Regulation of the high-interest, low-dollar loan industry has until now been left to individual states. Under the new rule, lenders would be required to verify income of those taking out loans to ensure that they can afford to repay the money they borrow. Continue reading…
Source : theguardian.com
Read more…US proposes new rules for payday loan industry to curtail borrower debt















