Comment Executive Summary on CFPB's Proposed Rule on Payday and Car Title Lending
The Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposed rule to address payday, vehicle title, and other certain high-cost installment loans marks the culmination of over four years of extensive information gathering and data analysis by the Bureau. We thank and commend the Bureau for this work, which has resulted in a robust record of evidence that strongly supports taking regulatory action to address unfair and abusive practices in this market. As the Bureau’s proposal makes clear, the record supports a rule rooted in the fundamental principle that lenders should make a...