Recently, we published in regards to the U.S. customer Financial Protection BureauвЂ™s efforts to regulate debit that is prepaid. Numerous Us Us Us Us Americans utilize these cards in place of checking records. The CFPB aimed to safeguard customers through the fees that are high with your cards and offer all of them with other defenses.
Prepaid debit cards are only one product from the CFPBвЂ™s to-do list; the next task the agency is tackling is payday advances.
The agency describes payday advances as being for $500 or less, come due from the borrowerвЂ™s next paycheck, and need borrowers to present loan providers with post-dated checks or use of the borrowerвЂ™s bank account. (more…)