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Thursday, November 7, 2013

CFPB Begins Collecting Payday Lending Complaints

The CFPB began collecting complaints on payday lending. The move follows a CFPB report this spring on both payday lending and deposit advance products, but the bureau’s announcement and complaint interface gave no indication that it is accepting complaints about deposit advances.

The CFPB has previously said that small-dollar credit products lead many consumers to a cycle of indebtedness, citing loose underwriting standards, high costs, and risky loan structures as possible contributing factors to consumers’ sustained use of the products.

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