Trump administration welcomes payday loan debt traps

Source: The L.A. Times Editorial Board (Paid Registration)

One of the Obama administration’s signature consumer-protection actions was to write a long-awaited, badly needed set of rules for payday loans that the Consumer Financial Protection Bureau issued in November 2017. So it was hardly surprising Wednesday when the Trump administration, which has devoted so much effort to erasing its predecessor’s accomplishments, came to the rescue of the payday lenders that monetize the desperation of financially strapped Americans.

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