The CFPB is shutting down a lot of payday loans — where will consumers go next?

[McFurd]

MarketWatch - 10/5/2017 - Maria Lamagna - Is this the beginning of the end for payday loans? The Consumer Financial Protection Bureau issued a final version of its rules for payday lending on Thursday. “The CFPB’s new rule puts a stop to the payday debt traps that have plagued communities across the country,” said CFPB Director Richard Cordray. “Too often, borrowers who need quick cash end up trapped in loans they can’t afford.” The CFPB issued the rule after researching payday lending practices for five years; it published a proposed rule in June 2016, which received more than one million comments online and was revised to its current format. Read more @ http://www.marketwatch.com/story/the-cf ... 7-10-05%22