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

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

Important Georgia Usury Cap ought to be Expanded to guard Consumers through the financial obligation Trap

Yesterday, the customer Financial Protection Bureau (CFPB) eliminated customer defenses against predatory payday and automobile name loan providers, making Georgia families subjected to the harms of car name financing. While Georgia’s usury limit provides defenses through the pay day loan debt trap, abusive automobile title lending nevertheless plagues Georgia. Presently, their state doesn’t regard this sort of predatory lending as being a small-dollar loan, but alternatively enables vehicle games to be “pawned” with interest rates because high as 300 per cent.Continue reading