Trump administration hands payday lenders a major victory

Source: Renae Merle, Washington Post (Paid Registration)

The Consumer Financial Protection Bureau proposed significantly weakening Obama-era rules governing payday lenders, boosting the fortunes of an industry accused of keeping low-income borrowers trapped in a cycle of debt.

Under the existing rule, which is set to take effect in August, payday lenders are required to verify that borrowers can afford the loans they are being offered. The proposal would rescind that requirement and delay the rule’s implementation until 2020.

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