The CFPB expects to issue its proposed rules governing payday,auto title and similar loan products within the next several weeks,the agency said in its revised regulatory agenda.
The proposed rules will cover such areas as the failure bylenders to determine whether consumers have the ability to repaywithout defaulting or taking out an additional loan, the agencysaid. In addition, the proposed rules will cover certain paymentcollection practices.
More than 100 million payday loans are issued each year, whichoften carry annual percentage rates of 300% to 500%, according toNick Bourke, director of the Small Dollars Loan Project at the PewCharitable Trusts.
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