Advocates want more from payday financing reform. Story Features

Advocates want more from payday financing reform. Story Features

Title loan shops on Atlanta Highway in Montgomery, Ala. (Picture: Mickey Welsh Advertiser that is Photo

Editor’s note: The CFPB is accepting comment that is public the proposed reforms until Sept. 14. To submit responses or recommendations, click the link at the end associated with web web page. Read complete proposal here.

The federal payday lending reforms proposed on June 2 may not be enough to change predatory lending behavior in the state for Alabama, a state with one of the highest rates of payday lenders per capita.

The framework that is 1,341-page prospective payday and title lending reform from the customer Financial Protection Bureau (CFPB) appears to lessen borrowers’ ability to undertake numerous loans and need loan providers to be sure borrowers are able to pay for the loans. Continue reading