OBAMA: you’ve got to find a new business model if you’re making that profit by trapping hard-working Americans into a vicious cycle of debt. You’ve surely got to locate a brand new means of doing company.
The CFPB doesn’t have the authority to restrict interest levels. Congress does. Just what exactly the CFPB is requesting is the fact that payday lenders either more completely evaluate a borrower’s profile that is financial limit the sheer number of rollovers on that loan, and provide easier payment terms. Continue reading