{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Feds Propose Rules on Payday Loan \u0026#39;Debt Traps\u0026#39;' data-url='/boclips/videos/5c54cb15d8eafeecae1a1142' data-video-url='/boclips/videos/5c54cb15d8eafeecae1a1142' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFeds Propose Rules on Payday Loan \u0026#39;Debt Traps\u0026#39;\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eNew rules being announced by the Consumer Financial Protection Bureau are aimed at  what federal regulators say are \"debt traps\" for consumers who  turn to payday lenders and other providers of high-interest loans. The CFPB's proposed...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eNew rules being announced by the Consumer Financial Protection Bureau are aimed at  what federal regulators say are \"debt traps\" for consumers who  turn to payday lenders and other providers of high-interest loans. The CFPB's proposed regulations, announced Thursday, seek to tackle some common complaints about the payday lending industry.The CFPB is proposing that lenders must conduct what's known as a \"full-payment test\" or a consumer's \"ability to pay.\" Because most payday loans are required to be paid in full when they come due, usually two weeks after the money is borrowed, the CFPB wants lenders to prove that borrowers are able to repay that money without having to renew the loan repeatedly.The non-profit, The Center for Responsible Lending, applauded the move to include the \"ability to pay\" in assessing a lender's request. Yet the group's Executive Vice President says there are still some loans that would not be required to meet the \"ability to pay\" standard, leaving loopholes in the new regulations. The CFPB is also proposing that auto titles no longer be used as collateral, which would effectively end the auto-title lending industry.New rules being announced by the Consumer Financial Protection Bureau are aimed at  what federal regulators say are \"debt traps\" for consumers who  turn to payday lenders and other providers of high-interest loans. The CFPB's proposed regulations, announced Thursday, seek to tackle some common complaints about the payday lending industry.The CFPB is proposing that lenders must conduct what's known as a \"full-payment test\" or a consumer's \"ability to pay.\" Because most payday loans are required to be paid in full when they come due, usually two weeks after the money is borrowed, the CFPB wants lenders to prove that borrowers are able to repay that money without having to renew the loan repeatedly.The non-profit, The Center for Responsible Lending, applauded the move to include the \"ability to pay\" in assessing a lender's request. Yet the group's Executive Vice President says there are still some loans that would not be required to meet the \"ability to pay\" standard, leaving loopholes in the new regulations. The CFPB is also proposing that auto titles no longer be used as collateral, which would effectively end the auto-title lending industry.AP TELEVISIONArlington, Virginia - 2 June 2016 1. Women entering payday loan store AP TELEVISIONWashington - 2 June 2016 2. SOUNDBITE: (English) M William Sermons, Exec. Vice President, Center for Responsible Lending: \"One of the big problems with the payday loans is that these loans are at 300 percent plus interest rates, which are huge interest rates and that's the reason why the costs sort balloon so much. AP TELEVISIONArlington, Virginia - 2 June 2016 3. Various of payday loan store AP TELEVISIONWashington - 2 June 2016 4. SOUNDBITE: (English) M William Sermons, Exec. Vice President, Center for Responsible Lending: \"And typically what we find out is that 75 percent of the loan volume of payday is made up of borrowers who are in that loan ten or more times and so, you know, people get trapped in that cycle of really just like floating that same $350 and end up paying fees that are even larger than the amount they borrowed.\" 5. Pan of Cash Advance store6. SOUNDBITE: (English) M William Sermons, Exec. Vice President, Center for Responsible Lending: \"You know a big way to think about scale is that, you know, we're talking about $8 billion a year of, you know, fees being paid for these payday loans. The loans are authorized in 36 states. You have another 23 states where car title loans are authorized and those are loans where a person's automobile is held as collateral.\" AP TELEVISIONChamblee, Georgia - 2 June 20167. Wide of an independent car title loan and pawn shop8. Mid of a car in the parking lot of the car title loan business with neon dollar mark sign in window9. Various of signs  AP TELEVISIONWashington - 2 June 2016 10. SOUNDBITE: (English) M William Sermons, Exec. Vice President, Center for Responsible Lending: \"So the big game is really to stop that debt trap and that's really the biggest concern. So much of the volume of these loans are people that are really just refinancing that old debt and so the biggest thing in these rules is that when we see people rolling these loans over we know that they don't have the ability to repay that loan and meet their other obligations and so there's an ability to repay standard that's embedded in these rules. That's a great thing about the rules. Our biggest concern is that there are some loopholes that allow some loans and in some instances six loans are allowed without any ability to repay standard, but the fact that at the centerpiece of it that there is an ability to repay standard means that lenders will have to as they don't know assess whether or not people can actually repay those loans and meet their other obligations.\" AP TELEVISIONArlington, Virginia - 2 June 2016 7. 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