WASHINGTON (MarketWatch) — The payday lending industry got a rare showing of regulator support on Monday as the New York Fed took on its critics.
Payday lenders have seen a great deal of criticism for their practices. President Barack Obama has said the industry traps people in a cycle of debt, and the Consumer Financial Protection Bureau has identified practices it’s concerned about, including failure to underwrite for affordable payments, repeatedly rolling over or refinancing loans, holding a security interest in a vehicle as collateral, accessing the consumer’s account for repayment, and performing costly withdrawal attempts.
Read the full story here: http://www.marketwatch.com/story/payday-lenders-get-rare-defense-as-new-york-fed-takes-on-critics-2015-10-19
