CFPB holds hearing on payday and car name loans in Richmond, VA

CFPB holds hearing on payday and car name loans in Richmond, VA

On March 26, the CFPB held a general public hearing on payday and automobile title lending, similar time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring offered starting remarks, during which he asserted that Virginia is regarded as the “predatory lending capital associated with East Coast,” suggesting that payday and car name loan providers had been a big an element of the issue. He stated that their workplace would target these loan providers with its efforts to control alleged abuses. He additionally announced a few initiatives targeted at the industry, including enforcement actions, training and avoidance, legislative proposals, a state run small-dollar loan system, as well as an expanded partnership with all the CFPB. Continue reading