The Monitor: Feds Draft Payday Loan Rules-Consumer Protection Focus May Bolster City Ordinances
February 15, 2015
Last October, the Brownsville City Commission passed an ordinance attempting to rein in some of the more egregious lending practices of payday and auto title loan companies within city limits. Now, for the first time, a federal agency is taking up the fight: The Consumer Financial Protection Bureau, established after the 2008 financial meltdown, is poised to release the first draft of regulations meant to clamp down on many kinds of high-interest, short-term loans notorious for trapping borrowers in a cycle of debt. Read more here.