CFPB Proposes Interpretive Rule: Paycheck Advance Products are Consumer Loans

The U.S. Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule on paycheck advance products. The rule suggests that paycheck advance products are consumer loans and, by definition, are subject to the Truth in Lending Act. Review this MLex article for a comprehensive analysis on this rule and the potential implications for institutions offering these products.

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