Govt.‘s move that threatens to keep Americans trapped in debt

 

Source: Anne Fleming, Georgetown Law, Washington Post

In November 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule requiring payday lenders to assess a borrower’s ability to repay before making a loan. Then, in February, the agency reversed course and announced a plan to rescind the core features of the rule.

The hundreds of pages of evidence supporting the 2017 rule, amassed over five years, did not change in the interim. The CFPB’s leadership did, and its new proposal threatens to continue a regime of ineffectual regulation, led by states, that has left many Americans trapped in a cycle of debt.

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