CFPB cracks down on paycheck advance products ...Middle East

The Hill - News

The Consumer Financial Protection Bureau (CFPB) proposed a new rule Thursday that would categorize popular paycheck advance products as consumer loans, which the agency says will ensure lenders provide borrowers with key information about costs and fees. Nearly three-quarters of workers are paid biweekly or monthly, according to the CFPB, and lenders have long bridged the days between when an expense comes due and a worker’s paycheck comes in. As inflation has eaten into Americans’ savings and paychecks, there has been rapid growth in the market for paycheck advance products, employer-partnered or direct-to-consumer loans that allow employees to receive their paycheck days before i

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Last updated : 18 July 2024 clock 02:37 PM

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CFPB cracks down on paycheck advance products ...Middle East

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