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CFPB to Eliminate Underwriting Requirements Effecting Payday Lending
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CFPB to Eliminate Underwriting Requirements Effecting Payday Lending

CFPB to Eliminate Underwriting Requirements Effecting Payday Lending

Fintech Nexus Staff·
FintechNews RoundupUSA
·Jan. 15, 2019·1 min read

We learned in October that the CFPB was revisiting their ability to repay provisions in the small dollar lending rule; sources are now saying that the CFPB is expected to remove these provisions completely; the current rule requires lenders to verify a borrower’s income, debts and other spending to assess whether they have the ability to repay credit while still meeting their current needs; the change however would have a negative effect on consumers as this type of lending can often lead to a debt spiral. Source

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