Re Payment Limitations
Re Payment Limitations All covered loans, whether short-term or longer-term, are susceptible to particular collection limitations. As rationale when it comes to limitation, the CFPB has cited to your “substantial danger of customer damage, including significant charges and, in some instances, the possibility of account closure” which could come if loan providers are permitted to collect repayment from customers’ checking, savings and prepaid reports. See Outline of Proposals into consideration and Alternatives Considered, p. 28 (Mar. 26, 2015). [...]