US watchdog says paycheck advances no longer subject to lending law
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The U.S. Consumer Financial Protection Bureau announced that paycheck advances are not subject to the Truth in Lending Act, reversing previous guidance. This change means companies offering these advances don't need to disclose credit costs and terms. The opinion aims to clarify industry practices but isn't legally binding. Some states have laws exempting paycheck advances from being classified as loans, but there's no federal law yet. The move aligns with efforts under President Trump to reduce business regulations.
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Source: Reuters The copyright of this article belongs to the original author/organization.
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