The CFPB’s new rule is aimed at helping borrowers avoid debt spirals

Sidewire

Jonathan Allen: Welcome David Rothstein, chairman of the Coalition for Safe Loan Alternatives, David Reiling, CEO of Sunrise Banks, and Doug Farry, cofounder and executive vice president for Employee Loan Solutions. David R. can you explain the need for the rule?

Doug Farry: I’ll chime in. The CFPB, and other organizations, have found that payday loans trap consumers in a cycle of debt. These regs are designed it seems to provide some guidelines on what constitutes a safe and affordable small dollar loan at the federal level.

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