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Texas Fair Lending Alliance worries about rollback of cash advance guideline

Texas Fair Lending Alliance worries about rollback of cash advance guideline

AUSTIN (Nexstar) — The Consumer Financial Protection Bureau (CFPB) is wanting to roll a rule back that would need payday and car title loan providers check a borrower’s power to repay the mortgage.

“To not glance at the cap cap ability regarding the debtor to settle provides some concern,” Ann Baddour, director associated with Fair Financial Services Project at Texas Appleseed, stated.

The Bureau worries the guideline, planned to get into impact this August, would “reduce use of credit and competition in states which have determined it stated in a release on the agency’s website that it is in their residents’ interests to be able to use such products, subject to state-law limitations. (more…)