Partner Anthony Sharett is quoted in a story headlined “Proposed Payday Lending Rules Don’t Go Far Enough, Consumer Advocates Say,” published March 26, 2015, in Columbus Business First. Sharett, who represents financial institutions, says the proposals, issued by the Consumer Financial Protection Bureau and intended to more closely regulate short-term lenders, will place a significant compliance burden on those lenders.
“Lenders will need to ensure consumers can repay the entire debt in one schedule,” he said. “(Underwriting systems) are of course going to cost quite a bit. Particularly for the lenders that are not as large.”
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