Payday loan providers balk at proposed rules (Journal Record)

Proposed rules would influence payday financing companies, like Advance America at 1841 Belle Isle Blvd. In Oklahoma City. (Picture by Brent Fuchs)

OKLAHOMA CITY – The Consumer Financial Protection Bureau’s proposed brand brand new guidelines about what the agency relates to as payday financial obligation traps could force individuals who require short-term loans to search out alternatives that are painful.

Advance America Senior Vice President Jamie Fulmer stated this new guidelines would reduce usage of credit for an incredible number of US customers who require little, short-term loans.

You do is take away choices from consumers and drive them to potentially higher-cost options … and less-regulated, if not illegal, options, ” Fulmer said“If you regulate an industry out of business, all. “The bureau has put blinders on, thinking they could re re solve this issue with no other issues will exist. ”

DeVon Douglass, an analyst for the Oklahoma Policy Institute think tank, stated Fulmer’s concerns are exaggerated.

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