The CFPB, for example, levied a 10 million enforcement action last year against the large payday lender ACE Cash Express, citing, in part, next payday advance near me debt collection tactics -- including harassment and false threats of lawsuits or criminal prosecution -- to pressure overdue borrowers into taking out additional loans they could not afford.
" Overdrafts from borrowers bank accounts also insulate lenders from defaults, according to the Center for Responsible Lending. Using a separate dataset of next payday advance near me payday borrowers, the study found that 33 percent experienced an overdraft on the same day they made a payday loan payment.
Its what the researchers call an invisible default," since it never shows up on the payday lenders books. If not for overdrafts, serving to paper over defaults, the actual default rate would likely be higher, and would illustrate greater borrower distress, Montezemolo says. The CFPB will soon convene talks with small business leaders who would be affected by the proposed rules, and the agency has said it will continue to solicit feedback from the public as it drafts the regulations.
Eventually, a formal public comment period would follow. The bureau's proposal has already drawn loud criticism from industry representatives who say the rules would be too stringent, and would choke off access to credit. But the CFPB has also drawn some unlikely supporters.
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