The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Consumer Financial Protection Bureau (CFPB) to monitor and supervise fringe creditors, study fringe markets, and promulgate rules relating to fringe banking transactions. Under these powers, the CFPB can regulate the fringe banking industry which includes payday lending. Here are some of the arguments for […]

Payday loans are short-term loans for immediate cash, typically secured by a borrower’s written check or authorization for automatic withdrawal from the borrower’s bank account. Many payday lenders make money by trapping borrowers in a cycle of repeated transactions, where borrowers are forced to pay high fees every two weeks just to keep an existing […]