Since 2011, Pew’s small dollar loans project has conducted extensive research on payday, auto title, and similar loans, and found that these products suffer from unaffordable payments, deceptive business practices, and excessive prices.
The Consumer Financial Protection Bureau—the federal regulator charged with setting new rules for these types of loans—has proposed a new regulatory framework and is currently working to finalize it. In the near future, states will have a choice to make: prohibit the loans entirely or substantially reform them to meet or exceed federal standards.
Pew’s goal is to provide research, recommendations, and technical assistance to help state and federal lawmakers craft policies for a safer, more affordable small-dollar loan marketplace.
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The Consumer Financial Protection Bureau (CFPB) has issued a proposed framework for regulating payday and auto title loans, the first step toward precedent-setting federal rule- making to address the most harmful aspects of high-cost, small-dollar loans. Read More
The Consumer Financial Protection Bureau (CFPB) published a plan in March 2015 for regulating payday loans and similar types of high-cost, small-dollar credit. Read More