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Three Concerns: Prof. Paul Goldsmith-Pinkham on Payday Advances and Customer Protection

Three Concerns: Prof. Paul Goldsmith-Pinkham on Payday Advances and Customer Protection

On February 6, the manager of this Consumer Financial Protection Bureau (CFPB), Kathy Kraninger, announced an important switch to payday financing rules. The move weakened defenses instituted because of the national government by no further lenders that are requiring verify a borrower’s power to repay prior to making a loan. Experts worry the alteration will lead more consumers to have ensnared in loans they may be able pay off, never while proponents recommend it’s going to unshackle the financing industry. Continue reading Three Concerns: Prof. Paul Goldsmith-Pinkham on Payday Advances and Customer Protection