CFPB Eliminates Consumer Protections from Payday and Automobile Title Loans During COVID-19 Pandemic

CFPB Eliminates Consumer Protections from Payday and Automobile Title Loans During COVID-19 Pandemic

Yesterday, the buyer Financial Protection Bureau (CFPB) eliminated customer defenses against predatory payday and automobile name loan providers, making Georgia families subjected to the harms of vehicle name financing. While Georgia’s usury limit provides defenses through the cash advance debt trap, abusive automobile title lending nevertheless plagues Georgia. Presently, hawaii doesn’t regard this sort of predatory lending as a loan that is small-dollar but alternatively permits vehicle games to be “pawned” with interest rates up to 300 %. Read more of this post