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 car name loan providers, making Georgia families confronted with 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, their state doesn’t view this kind of predatory lending as being a loan that is small-dollar but instead enables automobile games to be “pawned” with interest rates up to 300 per cent.

“This could be the worst feasible time for you expose Georgia customers to predatory loan providers. The crisis that is economic through the COVID-19 pandemic actually leaves numerous families struggling to obtain by,” said Liz Coyle, executive manager of Georgia Watch. Continue reading “CFPB Eliminates Consumer Protections from Payday and Automobile Title Loans During COVID-19 Pandemic”