CFPB holds hearing on car and payday name loans in Richmond, VA

Virginia Attorney General, Mark Herring offered beginning remarks, during that he asserted that Virginia is certainly the lending that is“predatory of the East Coast, suggesting that payday and vehicle title loan providers was in fact a huge a feature of this problem. He reported that their workplace would target these financial institutions in its efforts to regulate abuses which can be alleged. He furthermore announced several initiatives geared towards the industry, including enforcement actions, training and avoidance, legislative proposals, a state run small-dollar loan system, plus an expanded partnership due to the CFPB. Continue reading