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CFPB Starts Payday Regulation Drive In Richmond. In the event that you borrowed $300 from the payday lender with a cost of $60, you most likely do not have $360 on payday.

CFPB Starts Payday Regulation Drive In Richmond. In the event that you borrowed $300 from the payday lender with a cost of $60, you most likely do not have $360 on payday.

We joined up with the CFPB in Richmond Thursday for a industry hearing for a proposed guideline to manage payday financing and comparable high-cost short-term loans. The CFPB’s draft guideline is comprehensive, addressing many different loans, however it contains prospective loopholes before it finalizes this important effort that we and other advocates will urge the bureau to close. Here is a quick weblog with some pictures from Richmond.

Writer: Ed Mierzwinski

Started on staff: 1977B.A., M.S., University of Connecticut

Ed oversees U.S. PIRG’s federal customer system, assisting to lead nationwide efforts to fully improve customer credit rating guidelines, identification theft defenses, item security laws and much more.