The Consumer Financial Protection Bureau (CFPB) announced it will propose to rescind ability-to-repay (ATR) and mandatory underwriting provisions of its small-dollar lending rule.
The bureau is proposing to rescind the rule’s requirements that lenders make certain underwriting determinations before issuing payday, single-payment vehicle title and longer-term balloon payment loans.
Read on for details about the possible changes, which the CFPB says would increase consumer access to credit.
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