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How a Brand New Customer Financial Protection Bureau Rule May Affect Cash Advance Borrowers in Michigan

How a Brand New Customer Financial Protection Bureau Rule May Affect Cash Advance Borrowers in Michigan Having a brand new rule which was 5 years into the making the customer Financial Protection Bureau (CFPB) is decreasing difficult in the cash advance industry. CFPB Director Richard Cordray frequently relates to payday advances as “payday financial obligation traps.” He thinks that pay day loans, because they are presently managed, are dangerous to consumers that are low-income often become determined by them. This is why the CFPB wishes weightier regulation into the pay…

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