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By means of contrast, the Mortgage Credit Directive lays down certain guidelines built to limit some cross-selling techniques.


The 2008 Consumer Credit Directive does not comprehensively deal with this practice while cross-selling, whereby a consumer credit product is sold together with payment protection insurance or another financial product, has been identified as one of the major causes of consumer detriment in the European consumer credit markets. The directive just requires that, where in fact the customer is obliged to shop for an insurance plan to be able to obtain credit, the expenses of these an insurance plan should really be contained in the cost that is total of (that is, APRC) built to help customers compare various provides. Footnote 60 nevertheless, the buyer Credit Directive will not impose any limitations on making the supply of credit depending on re re payment security insurance coverage or any other product that is financial also referred to as tying. Continue reading


Without a doubt about Senator Dick Durbin

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), a longtime champion of legislation to rein in the predatory payday lending industry, today submitted testimony into the home Financial solutions Subcommittee on Consumer Protection and banking institutions hearing on ending financial obligation traps into the payday and dollar credit industry that is small. The subcommittee will talk about the Protecting customers from Unreasonable Credit Rates Act of 2019, a bill Durbin reintroduced yesterday that could get rid of the extortionate rates and high charges charged to customers for payday advances by capping rates of interest on customer loans at a percentage that is annual (APR) of 36 percent—the same restriction currently set up for loans marketed to armed forces service – members and their own families.

Comprehensive text of Durbin’s prepared testimony is available below:

Chairwoman Waters, Subcommittee Chairman Meeks, people in the subcommittee: many thanks for permitting us to submit testimony with this consumer protection issue that is important. We understand that almost 12 million cash-strapped Americans are charged rates of interest surpassing 300 per cent for payday advances, and that the payday financing industry gathers about $8 billion in charges every year because of this.

But there’s two figures that actually tell the storyline concerning the payday financing industry in my situation: “75 per cent” and “10”—75% of most costs gathered because of the cash advance industry are produced from borrowers who’ve been forced to renew their loans more than 10 times in a provided 12 months simply because they lacked the capability to repay the total loan. Continue reading