Image: Rick Reinhard
"It's not solely payday loans" that trap consumers in a cycle of debt, said CFPB Director Richard Cordray. "It's car title loans. It's certain types of installment loans. It's pawnbroking."

CFPB Faces Hard Choice on Regulating Auto Title Loans

The car title loan industry is poised to grow substantially if it's not covered by CFPB regulations on payday lending. But the bureau has not laid the groundwork for title lending rules in the same way it has for payday lending.

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