FEDERAL PROPOSAL MIGHT COST CALIFORNIANS BILLIONS IN FEES FOR UNAFFORDABLE LOANS
The California Reinvestment Coalition (CRC) presented a page to your customer Financial Protection Bureau (CFPB) yesterday, sharply criticizing the Bureau’s Trump-appointed manager Kathy Kraninger, for delaying and/or eliminating an “ability to repay requirement that is in brand new federal rules for payday, vehicle name, and high-cost installment loans. The necessity had been slated to get into impact in August 2019, nevertheless the CFPB happens to be proposing to either cure it or wait execution until Nov 2020, and it is looking for general public input on both proposals.
“After four several years of research, hearings and general public input, we thought borrowers would finally be protected through the вЂdebt trap’ by this common-sense guideline,” explains Paulina Gonzalez-Brito, executive manager of CRC.