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CFPB Payday Rule Survives Legislative Threat, Keeps Intact For The Present Time

“This historic success could be the culmination of many years of effort by customer advocates. Thousands and thousands of consumers in Illinois have actually looked to pay day loans, but our rules usually do not protect them from getting caught in a debt trap – a cycle of perform borrowing that stretches far beyond a payday that is single” said Brent Adams, Senior Vice President of Policy and correspondence for Woodstock Institute. Adams wrote the State’s payday that is first legislation in 2005, and regulated the industry as Secretary of Financial and Professional Regulation from 2009-2012. Adams went on to …

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