CFPB Finalizes Rule To Stop Payday Debt Traps
QCash Financial Call to Action: On October 5, 2017, the Consumer Financial Protection Bureau (CFPB) finalized a rule that is aimed at stopping payday debt traps by requiring lenders to determine upfront whether people can afford to repay their loans. The rule also restricts lenders’ repeated attempts to debit payments from a borrower’s bank account. QCash Financial is reviewing the rule for any potential impacts to our QCash products. We are confident that the impact to our clients will be minimal. We have a configurable platform that makes it easy to quickly adjust for regulatory and compliance requirements. We will be sharing the full assessment of the rule with our clients in the next two-three weeks.