Virginia Interfaith Center supports brand brand new federal guidelines on payday lending

Virginia Interfaith Center supports brand brand new federal guidelines on payday lending

“The rich guidelines on the bad, as well as the https://cash-central.net borrower may be the servant regarding the loan provider. ” – Proverbs 22:7

The Virginia Interfaith Center for Public Policy stated today it highly supports the customer Financial Protection Bureau’s (CFPB) proposed rules limiting predatory lending debt traps and can mobilize its account in to supply commentary throughout the general public remark duration.

One of the proposals are limitations as to how usually borrowers will get pay day loans and a requirement that loan providers verify that individuals can repay the income without dealing with brand new debt, avoiding the“debt trap. That is so-called” These would be the first-ever federal rules regarding the payday, vehicle name, and payday installment lending industry.

“These curbs are desperately necessary to protect customers, and are usually something the Virginia Interfaith Center for Public Policy has advocated for a long time, ” said VICPP Board president Frank McKinney.

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