Northam seeks to change driver’s privilege card legislation, ban strip searches of children; approves reform of preferential voting and payday loans | Virginia

The move was celebrated by the Virginia Poverty Law Center and other consumer protection groups, which argued that predatory payday loans and car titles target the poor and trap them in financially precarious situations. “We have been fighting for years to reform predatory lending, and it is a relief that …

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CFPB publishes framework of payday loan rules

The new payday loan rules being considered by the Office of Consumer Financial Protection would require lenders to guarantee the borrower’s ability to repay a loan, limit short-term credits to 45 days or less, and establish a time limit of 60 day reflection for borrowers on three loans in a …

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