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Customer Financial Services Review

Customer Financial Services Review

On June 2, 2016, the CFPB proposed brand new ability-to-repay and re re payment processing demands for short-term and particular longer-term customer loans. Relying mostly in the CFPB’s authority to prohibit unjust or abusive techniques, the proposition would generally need that lenders making payday, automobile title, and specific high-rate installment loans either originate loans satisfying strict product characteristic limitations set by the guideline or make an ability-to-repay determination predicated on verified earnings along with other information.

To facilitate the ability-to-repay dedication, the CFPB can also be proposing to ascertain unique “registered information systems” to which lenders will have to report information regarding these loans.