consumer financial protection bureau – payday and auto title loan rule

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Consumer Financial Protection Bureau Name Student Institution Date TO: Employees FROM: Bureau of Consumer Financial Protection DATE: January 30, 2017 SUBJECT: Consumer Financial Protection Bureau Point #1: Proposed Tax Policy SUBJECT: Consumer financial protection bureau - payday and auto title loan rule This memo focuses on the provision of Payday, Vehicle Title, and Certain High-Cost Installment Loans. Certain rules will apply in regards to acquiring such loans. According to the Consumer Financial Protection Bureau, the loans will be available to all applicants as long as they qualify. Precisely, the Bureau has proposed for the establishment of the 12 CFR 1041, which will comprise regulations that enhance consumer protection for various consumer credit products (Federal Register, 2017). These rules will focus on payday, vehicle titles, as well as certain high-cost installment loans. These three methods will enable employees to access loans based on their capacity to pay. The rules are presented to the workers to that they can raise any inquiries or identify the areas that need clarification. The company’s management expects employees to observe the rules and to follow these regulations. The primary aim of this rule is to establish a formal and efficient method of issuing loans to employees at our investment firm. Point #2: Benefits and Desired Outcome of the Policy With the establishment of this policy, the bureau aims to attain an effective technique of borrowing and paying loans in time. In regards to the traditional ‘Payday’ loans, our investment firm will issue a loan ranging from $300-$500, and it will be paid within the next payday

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