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Texas payday lenders face tougher standards with new federal rules

from The Texas Tribune

New rules passed last week by the Consumer Financial Protection Bureau put stiff restrictions on payday and auto-title loans, like those Martinez used. The rules — which are scheduled to be fully implemented in the summer of 2019 — would prohibit lending without verifying a client's ability to repay the loan. In Texas, a state where payday lending is largely unregulated, advocates for increased oversight view the new rules as a crucial step in protecting vulnerable borrowers. But others say the new rules limit underbanked Texans' access to short-term credit. more


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