Don’t let payday lenders off the hook

Source: Bloomberg Editorial

The acting director of the Consumer Financial Protection Bureau, Mick Mulvaney, appears to have identified one of the first services he will free from what he has called “a bureaucracy that has gone wrong” -- payday lenders.  That’s too bad, because the CFPB was making progress in curbing the industry's excesses.

The CFPB’s approach was hardly heavy-handed. On the contrary, it struck a careful balance between mitigating damage and keeping short-term credit available.

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