CFPB proposal spotlights costs of paycheck advance products

The Consumer Financial Protection Bureau proposed an interpretive rule that says many paycheck advance products are consumer loans subject to the Truth in Lending Act.

Details: The CFPB said the guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit products to workers. It would also clarify when charges often described as tips are a finance charge under the regulation.

Input: Comments on the proposed interpretive rule are due by Aug. 30.

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