Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks at the White House on March 5. The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders to disclose all …
NEW YORK — The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees. Christine Zinner, policy counsel at Americans for Financial Reform, said the …
Trump Regulator's Rule Would Force Banks To Lend To Gun-Makers And Oil Drillers Enlarge this image toggle caption Elaine Thompson/AP Elaine Thompson/AP The Trump administration is trying to push through a last-minute rule that could force banks to offer loans to gun-makers and oil exploration companies or to finance high-cost payday lenders. Sponsor Message "It's a very poorly constructed rule," …
This article originally appeared at Common Dreams. Consumer Financial Protection Bureau director Kathy Kraninger is facing calls to resign after her agency finalized a rule Tuesday that critics say will further expose vulnerable people to "debt traps" set by payday and car-title lenders. Kraninger, who was nominated by President Donald Trump and confirmed by the Senate in 2018, "just stamped …
