The Consumer Financial Protection Bureau, an independent federal agency established in 2011 after the Great Recession, issued a ruling last month to curb so-called “predatory” lending practices, a move some experts say will make a positive impact on Arizona consumers.

“I don’t think that’s difficult or a stretch for lenders at all,” said Cynthia Zwick, executive director for the nonprofit Arizona Community Action Association.

The ruling applies to short-term loans of less than 45 days, as well as loans longer than 30 days with an interest rate greater than 36 percent. These may include payday loans, auto title loans and deposit advance products.

Arizona voters banned payday loan businesses in the state in 2008. Since then, the number of title loan establishments has grown substantially. (more…)