WASHINGTON D.C., — The customer Financial Protection Bureau issued brand new rules on payday advances this week.
Customer advocates state the principles can help people that are low-income families trapped in endless rounds of financial obligation.
The industry contends that payday advances offer an option for individuals dealing with unanticipated costs or emergencies that are financial. The principles could cripple the industry, which collected about $3.6 billion in charge revenue in 2015, based on the CFPB. Continue reading