Re Re Payment Restrictions

Re Re Payment Restrictions

All covered loans, whether short-term or longer-term, are at the mercy of particular collection restrictions. The CFPB has cited to the “substantial risk of consumer harm, including substantial fees and, in some cases, the risk of account closure” which may come if lenders are allowed to collect payment from consumers’ checking, savings and prepaid accounts as rationale for the restriction. Continue reading Re Re Payment Restrictions