PYMNTS
FEBRUARY 7, 2019
The agency further noted that there is “insufficient evidence and legal support” for the verification requirements, adding that “rescinding this requirement would increase consumer access to credit.”. Some parts of the rules, however, did remain intact.
PYMNTS
FEBRUARY 18, 2019
That would entail verification of a borrower’s income, debt and spending habits. Alternatively, the lender could choose to sidestep that verification process and change the loan to an installment offering, with a set time frame and payment schedule agreed to at the time of issuing the loan.
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