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Is Legislation the response to America’s Cash Advance Addiction?

Is Legislation the response to America’s Cash Advance Addiction?

(Picture: Thomas Hawk/Flickr)

The other day, the buyer Financial Protection Bureau, the federal watchdog agency faced with protecting Americans from economic exploitation, proposed long-awaited new laws from the payday financing industry. Underneath the brand new laws, payday loan providers could be expected to confirm an applicant’s ability to re-pay that loan without re-borrowing at the conclusion associated with the mortgage duration. The proposed regulations simply just just take aim at a payday lending practice that is particularly devastating.