Assaults on Payday Lending: Ballot Initiatives, Legislation, and Attorney General Enforcement

Assaults on Payday Lending: Ballot Initiatives, Legislation, and Attorney General Enforcement

Catharine Andricos and Dailey Wilson

On October 26, 2018, the Bureau of customer Financial Protection issued a general public statement announcing it promises to issue proposed rules in January 2019 reconsidering its Payday payday loans Michigan, car Title, and Certain High-Cost Installment Loans rulemaking. A shift is suggested by this reconsideration when you look at the Bureau’s mindset towards short-term financing, and loan providers may become more hopeful about the future of the industry. But care continues to be wise, as current state task shows that the battle against payday financing is far from over, with states using aim at the industry through ballot initiatives, legislation, and lawyer basic actions. Read more