Trump Administration Considers Watering Down Rules On Predatory Payday Loans

The U.S. Consumer Financial Protection Bureau was proposing to review a rule that would regulate payday lenders on Wednesday, even though consumer advocates and several lawmakers blasted it as harmful to low-income Americans, according to The Washington Post. The CFPB is revisiting the payday lending rule, implemented under former President Barack Obama, after lenders argued the "ability-to-repay" requirement was hurting the industry and consumers. The proposal…

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