CFPB holds hearing on auto and payday name loans in Richmond, VA

CFPB holds hearing on auto and payday name loans in Richmond, VA

On March 26, the CFPB held a hearing that is public payday and automobile title lending, the exact same time so it circulated proposed laws for short-term small-dollar loans. Virginia Attorney General, Mark Herring provided starting remarks, during which he asserted that Virginia is regarded as the “predatory lending capital for the East Coast,” suggesting that payday and car name loan providers had been a big area of the issue. He stated that their workplace would target these lenders in its efforts to control so-called abuses. He additionally announced a few initiatives geared towards the industry, including enforcement actions, training and avoidance, legislative proposals, a state run small-dollar loan system, plus an expanded partnership utilizing the CFPB. […]

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